Loan approval from Chinese banks; Rupee gains Rs3.94 in interbank market

KARACHI: After the Chinese banks approved a loan of $2.3 billion, the local currency showed good progress during the intraday trading. The dollar dropped by Rs3.94 by 11:00 am and traded at Rs207.99 in the interbank market. The value fluctuated between Rs209-Rs211 in the open market.

According to economic analysts, the nod from Chinese banks has increased the rupee’s value. Finance Minister Miftah Ismail said that the deal was finalised. He added that in a couple of days, Pakistan would receive the amount. The loan from China is an attempt to stabilise the falling foreign exchange reserves.

Earlier, the rupee recorded slow progress amid a positive response from the International Monetary Fund (IMF) and closed at Rs211.93. Pakistan received a positive response from IMF after it agreed to make required adjustments in budget 2022-23.

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