Taking positive cues from the staff-level agreement between Pakistan and the International Monetary Fund (IMF), the rupee broke its 17-session losing streak while the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index rallied past 57,000 points.
Pakistan, a day earlier, had reached a staff-level agreement with the IMF on the first review of a $3 billion bailout.
After approval from the Fund’s Executive Board, Pakistan will have access to around $700 million, bringing total disbursements under the programme to almost $1.9 billion, the IMF announced in a statement on Wednesday.
Today, the rupee broke its 17-session losing streak after it gained 2.14 against the dollar and is being traded at Rs286 against the greenback in the interbank market during intraday trade.
The local currency had closed at Rs288.14 on Wednesday.
At the PSX, the benchmark KSE-100 Index went past 57,000 points at around 10:20am, creating another milestone.
More to follow…