Inter-Bank Sees Slight Rupee Gain Versus Dollar
The Pakistani currency experienced a slight increase against the US dollar, rising by 0.07% during the early hours of trading in the inter-bank market. On Tuesday, the rupee saw a gain of Rs0.20 and is currently quoted at 279.06 in comparison to the greenback.
During the previous session, the PKR had recorded a marginal decrease, settling at 279.26 against the US dollar, according to State Bank rates.
Simultaneously, as the rupee demonstrated these modest gains, the Pakistan Stock Exchange continued its upward trend, building upon the positive momentum from the preceding week following the election of the new prime minister.
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The recently appointed prime minister swiftly directed his financial team to commence immediate discussions with the International Monetary Fund (IMF) for a new bailout package under the Extended Fund Facility (EFF). This proactive approach aims to address economic challenges and seek financial assistance to stabilize and strengthen the country’s fiscal position.
The combination of the slight rupee gains and the positive trajectory of the stock exchange reflects a cautiously optimistic sentiment in the financial markets, aligning with the government’s efforts to engage with international financial institutions for economic support.
