KARACHI (Dunya News) - The Pakistani rupee posted a modest gain against the US dollar in the interbank market on Wednesday, while the dollar strengthened in the open currency market.
The dollar closed at Rs276.95 in the interbank market, down one paisa from the previous close, according to the reported market figures.
During the session, the dollar fell by as much as 27 paisa to Rs276.70 before recovering some of its losses.
Market sentiment was supported by expectations of potential financial assistance from Saudi Arabia worth $7 billion, aimed at helping Pakistan meet its energy needs and ease financial pressures.
Hopes for increased investment also contributed to expectations of improved foreign currency inflows. These included potential Saudi investment in a refinery in Pakistan and the government's efforts to shift external partnerships towards trade and investment.
The report also cited an improvement in the fiscal deficit, which it described as having reached its lowest level in 22 years.
In contrast, the dollar rose by 13 paisa in the open market to close at Rs278.79.
The divergent movements reflected different trends in the interbank and open currency markets during Wednesday's trading session.