Karachi (Web Desk): Pakistani rupee recovered against the US dollar amid hopes for the revival of the International Monetary Fund (IMF) bailout.
In the interbank market, the local unit closed at 284.42 against the US dollar, up 1.2% or Rs3.43 from Wednesday’s close of 287.85.
The IMF has conveyed to Pakistan that it has received confirmation from Saudi Arabia on $2 billion in additional deposits, rekindling hopes of an early signing of the agreement.
The international lender has been negotiating with Islamabad since early February to resume $1.1 billion in funding held since November, which is part of a $7 billion bailout agreed in 2019.