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KARACHI: The Pakistani rupee continued its upward momentum against the US dollar in the interbank market on Thursday.
According to the State Bank of Pakistan (SBP), the local unit currency closed at 260.93 against the US dollar, appreciating an increase of Rs0.97.
The greenback had closed at Rs261.90 a day earlier.
The US dollar has gained over Rs30 in the interbank market since the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.
The rise is attributed to the resumption of $7 billion Extended Fund Facility (EFF) stalled for months.
Read More: CHINESE BANK APPROVES $700M LOAN FOR PAKISTAN
Pakistan was eyeing to reach an agreement with the International Monetary Fund (IMF) that would not only lead to a disbursement of $1.2bn but also unlock inflows from friendly countries.
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