Pakistani Rupee rises against the US dollar in the open and interbank markets
The Pakistani rupee strengthened further against the dollar during the outgoing week. According to a weekly report, the rupee appreciated 17 paisas to end at 155.06 against the greenback, when compared with last week’s closing of 155.23 in the inter-bank market.
Earlier, on Dec 6, the Asian Development Bank (ADB) today approved $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen a slowing economy.
The quick dispersing Special Policy-Based Loan is part of a comprehensive multi-donor economic reform program led by the International Monetary Fund (IMF) to stabilize Pakistan’s economy after a major deterioration in its fiscal and financial position in mid-2018 caused growth to slump and threatened progress in alleviating poverty.