The Pakistani rupee on Tuesday gained massively in the interbank market during the intraday trade after the government struck a deal with International Monetary Fund (IMF).
The country on Friday secured a $3 billion short-term financial package from the IMF, giving the economy some much-awaited respite as it teeters on the brink of default.
The local currency closed at Rs275.44 against the greenback, gaining Rs10.5 or 3.83% in the interbank market. It closed at 285.99 on June 27 — the last trading session before the Eid holidays.
The dollar had on May 11 soared to a record-high Rs290.93 in the interbank. Since then, it has posted a drop of Rs23.43.
