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The Pakistani rupee on Tuesday gained massively in the interbank market during the intraday trade after the government struck a deal with International Monetary Fund (IMF).

The country on Friday secured a $3 billion short-term financial package from the IMF, giving the economy some much-awaited respite as it teeters on the brink of default.

The local currency closed at Rs275.44 against the greenback, gaining Rs10.5 or 3.83% in the interbank market. It closed at 285.99 on June 27 — the last trading session before the Eid holidays.


The dollar had on May 11 soared to a record-high Rs290.93 in the interbank. Since then, it has posted a drop of Rs23.43.

Speaking to Geo News, Topline Securities CEO Mohammad Sohail said that the rupee has gained up to 3% as expected.

"The sustainability of the gains will be confirmed in the coming days as the government claims that the partial funds under the deal will be disbursed by the mid of July."

Topline Securities in a tweet said in points terms the increase was even more significant.

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