Pakistani Rupee Strengthens Against US Dollar as Stock Exchange Opens on Positive Note
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Pakistan faced an economic crisis in 2023 as the Pakistani rupee hit an all-time low and the country's foreign reserves dropped to $3.1 billion. In May 2023, inflation reached 38.0% YoY, leading to a free flour scheme and a deadly stampede at a food distribution center. However, there have been recent positive developments in the Pakistani economy.
The Pakistani rupee has continued its upward trend against the US dollar in the interbank market, appreciating by 29 paisas and trading at Rs297.55 on Tuesday. This marks the rupee's consistent gains against the dollar since Monday. The recent recovery can be attributed to the UAE and China's decision to roll out a $2 billion debt for Pakistan. Pakistan received a total of $4 billion in loan safe deposit from China, with the $2 billion loan bei...
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