KARACHI: The Pakistani rupee continued its upward trend against the US dollar on Wednesday, driven by strong economic fundamentals that pushed the dollar to a six-month low in the interbank market.
Positive market sentiment was fueled by several key developments: a $250 million funding approval from the Asian Development Bank and the Green Climate Fund, a new economic cooperation framework with Saudi Arabia focusing on energy and agriculture, and strong expectations for the next IMF tranche of $1.2 billion in December.
These factors kept the dollar under pressure throughout the trading day. At one point, the dollar dropped 25 paisas to 280.72 PKR. By the close of business, it settled at 280.95 PKR, marking a minor 02-paisa decline.
In contrast, the open currency market remained stable, with the dollar holding steady at 282 PKR.
