The US dollar rate in Pakistan further increased by Re0.5 (05 paisa) against Pakistani rupee to Rs277.85 in the interbank market on Wednesday (Sept 25) as per the State Bank of Pakistan (SBP).
On Tuesday, the rupee was recorded at 277.80, as per the State Bank of Pakistan (SBP).
With high hopes, the International Monetary Fund's (IMF) Executive Board is set to review Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of approximately $7 billion today (Wednesday).
Globally, the Australian and New Zealand dollars reached multi-month highs on Wednesday, while the yuan hit its strongest level in over a year, boosted by China’s aggressive stimulus package that has renewed investor interest.
Markets around the world were energized by China’s recent announcement of support measures on Tuesday, which included significant interest rate cuts and assistance for its stock market, encouraging investors to further.
As part of its easing measures, the People’s Bank of China reduced the cost of its medium-term loans to banks from 2.30% to 2.00% on Wednesday.
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