Rupee makes massive gains in interbank market

1688450355 Rupee makes massive gains in interbank market
Money dealers count Pakistani rupees and US dollars at an exchange in Islamabad. — AFP/File
Cash sellers depend Pakistani rupees and US {dollars} at an change in Islamabad. — AFP/File

KARACHI: The Pakistani rupee on Tuesday additional strengthened within the interbank market, a day after making a wealthy restoration in opposition to the greenback following the much-awaited take care of the Worldwide Financial Fund (IMF).

A day earlier, the Pakistan Inventory Change (PSX) scored its greatest single-day upswing in 15 years on Monday, gaining 5.9% on the primary buying and selling session after the nation secured the last-gasp funding deal from the Washington-based lender.

The nation on Friday secured a $3 billion short-term monetary bundle from the IMF, giving its financial system some much-awaited respite because it teeters on the point of default.

The buck was being traded at Rs274.98 after dropping Rs11.1 within the interbank. It closed at 285.99 on June 27 — the final buying and selling session earlier than the Eid holidays.

It is a growing story and might be up to date quickly.