KARACHI: Pakistani Rupee rises against the US dollar in the open andinterbank markets.
The Pakistani rupee strengthened further against the dollar during theoutgoing week. According to a weekly report, the rupee appreciated 17paisas to end at 155.06 against the greenback, when compared with lastweek’s closing of 155.23 in the inter-bank market.
In the open market, the rupee gained 50 paisas to finish at 155.60 againstlast week’s closing of 155.60 against the dollar.
Sluggish demand for the dollar from importers and smooth supply of thegreenback are among the factors that are believed to have led to the rupeeappreciation.
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Earlier, on Dec 6, the Asian Development Bank (ADB) today approved $1billion in immediate budget support to Pakistan to shore up the country’spublic finances and help strengthen a slowing economy.
The quick dispersing Special Policy-Based Loan is part of a comprehensivemulti-donor economic reform program led by the International Monetary Fund(IMF) to stabilize Pakistan’s economy after a major deterioration in itsfiscal and financial position in mid-2018 caused growth to slump andthreatened progress in alleviating poverty.
