Rupee makes massive gains in interbank market
Rupee makes massive gains in interbank market Local currency closes at Rs275.44 against greenback following IMF deal Money dealers count Pakistani rupees and US dollars at an exchange in Islamabad. — AFP/File KARACHI: The Pakistani rupee on Tuesday further strengthened in the interbank market, a day after making a rich recovery against the dollar following the much-awaited deal with the International Monetary Fund (IMF). The country on Friday secured a $3 billion short-term financial package from the IMF, giving the economy some much-awaited respite as it teeters on the brink of default. The local currency closed at Rs275.44 against the greenback, gaining Rs10.5 or 3.83% in the interbank market. It closed at 285.99 on June 27 — the last trading session before the Eid holidays. The dollar had on May 11 soared to a record-high Rs290.93 in the interbank. Since then, it has posted a drop of Rs23.43