KARACHI: Wednesday’s intraday activity in the interbank market saw the Pakistani rupee strengthening versus the US dollar for the seventh session in a row. Due to Ashura, the market was closed on Monday and Tuesday.
However, when it reopened today (Wednesday), the rupee had increased by 2.51 versus the dollar and was trading at 221.49 as of 11:15 am.
Aside from all of the encouraging indicators, the most recent development that contributed to the rupee’s strengthening is the declaration that the United Arab Emirates (UAE) plans to invest $1 billion in Pakistani businesses.
As Pakistan navigates a challenging economic environment, the UAE said last week that it aims to invest $1 billion in Pakistani firms in a range of economic and investment fields.