Pakistani Rupee maintains uptrend against US dollar

KARACHI: The Pakistani currency has continued its upward trajectory towards the US dollar, reaching a new all-time high of Rs154.58 to the US dollar in the interbank market on Friday, as foreign currency supplies outnumber demand.

On the same day that the World Bank accepted $1.3 billion for Pakistan, including $600 million for the Ehsaas program and to alleviate poverty in the region, the rupee made a significant new benefit.

Additionally, the government is preparing to collect up to $1 billion from the international market through the issuance of Eurobonds.

According to Pakistan’s central bank, the rupee closed at Rs155.01 per dollar on Thursday.

“The rupee has sustained its upward trajectory, owing to news that Pakistan has revived a $6 billion IMF loan program,” said Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP).

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