In Karachi. On the first working day of the week, the Pakistani rupee, which has been recovering after a significant decline to a record low, maintained its upward trend versus the dollar and increased by approximately 0.23 percent in the inter-bank market.
The local currency fluctuated at 259.40 against the dollar during intraday trade, rising by Rs0.59 in the interbank market.
After receiving $700 million from China, Pakistan’s local currency maintained its dominant position in the country’s crisis-hit economy.
Since hitting its record low of over 276 earlier this month, the rupee has been on an upward motion rampage. Along with the strengthening of the country’s declining currency, its foreign exchange reserves also rose after years of being at an all-time low.
The development occurs at a time when After strategy can improve measures, such as tax rises, to support its struggling economy, Pakistan is almost certain to receive a bailout from the International Monetary Fund.