Karachi: On Monday, the rupee maintained its upward trend for the second consecutive working day, rising 0.20% to close at Rs220.41 per dollar in the interbank market
It is worth being noted that during the last two working days, the rupee has regained a total worth of Rs0.50. The currency received additional support from the much-anticipated Financial Action Task Force (FATF) decision to remove Pakistan from the grey list.
The aforementioned decision will benefit the currency because more people will trust Pakistan, including foreign investors which will ultimately encourage inflows of foreign currency.
Additionally, the rupee received crucial support after it was reported that Saudi Arabia had committed to invest $12 billion in a number of projects in Pakistan, including the construction of a new oil refinery. Furthermore, a delegation led by the prime minister, Shehbaz Sharif, has arrived in the kingdom.
High-ranking Saudi officials are anticipated to arrive later next month to formally unveil the enormous $12 billion investment. With PM Shehbaz slated to visit the second-largest economy in November, rumours that Pakistan might seek a rollover of $6.3 billion in Chinese loans have further helped the currency.
According to Fitch Ratings, the current reserves would only cover imports for 1.1 months and the repayment of foreign debt.
For the latest Real Estate News and Blogs, visit Agency21 International.
