Rupee gains massive recovery against dollar after IMF deal

On the first working day of the week, the Pakistani rupee gains ground against the US dollar as trade resumes following the Eid al Adha festivities.

During trading, the rupee gained Rs5 versus the US dollar and was quoted at Rs285 in the open market.

The rupee clawed back as the stock market displayed a bullish trend following the signing of the staff-level agreement with the International Monetary Fund.

As the government secured much-needed funding from a multilateral lender, signs of economic revival began to emerge.