The Pakistani rupee appreciated against the dollar in the interbank foreign exchange market on Wednesday.
The local currency gained four paisas against the greenback which was trading at Rs279.50 at the closing of the market as against the previous day’s closing of Rs279.54.
However, according to the Forex Association of Pakistan, the buying and selling rates of the dollar in the open market stood at Rs279.8 and Rs281.5, respectively.
The rupee had hit a record low in the last quarter of the previous year when the greenback crossed the figure of Rs305, but it made a quick recovery when the country’s financial regulators and security agencies began a crackdown on the black market.
However, the recent recovery could be attributed to the UAE and China’s decision, they two have expressed consensus to roll out a $2 billion debt for Pakistan.
In this regard, Caretaker Prime Minister Anwarul Haq Kakar had written a letter to the Chinese Prime Minister, as a result, Pakistan received a total of $4 billion in loan safe deposit from China.
According to the sources of the Ministry of Finance, the loan of $2 billion will be rolled over before maturity on China’s current terms.