The rupee’s winning streak continues, with the currency closing at 218.88 against the US dollar.

The rupee’s winning streak continues, with the currency closing at According to the State Bank of Pakistan, the rupee gained Rs3.03 against the US dollar on Thursday and concluded at 218.88 in the interbank market.

According to the information, the US dollar fell by Rs3.03 (1.38%), to close at Rs218.88 in the interbank market. It is worth noting that the local currency strengthened against the US dollar for the ninth consecutive session today.

The local currency had previously closed at Rs221.91. The market has reacted to the favourable signs that have been reported.

According to sources familiar with the situation, Pakistan is expecting to get the letter of intent (LoI) from the International Monetary Fund (IMF) before the weekend.

The LOI would bring Pakistan one step closer to the delivery of two $1.17 billion tranches under a blocked loan facility.

On the other hand, the UAE’s promise to spend $1 billion in Pakistani firms across a range of economic and investment sectors has strengthened market confidence.