Pakistan Rupee in Biggest Weekly Advance Since 2000 on Reserves
This article is for subscribers only.
Pakistan’s rupee jumped 3.8 percent this week, its biggest five-day advance since 2000, as a rebound in the nation’s foreign reserves won confidence.
The rupee led gains among global exchange rates in the past five days after Finance Minister Ishaq Dar said March 12 said the nation’s currency stockpile have climbed to $9.52 billion following international contributions of about $1.5 billion to the Pakistan Development Fund, from $8.3 billion at the end of 2013. The local currency strengthened amid optimism inflows from a planned global bond offering, an auction of third-generation mobile-phone licenses and an International Monetary Fund loan will further improve external finances.