Keeping up its upward momentum, the Pakistani rupee appreciated against the US dollar in the interbank trading on Monday but in the final session it succumed to the greenback pressure, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local unit depreciated by 46 paisas against the US dollar and ended the day at Rs287.43.

https://twitter.com/StateBank_Pak/status/1688512932538433537

On Friday, the last working day of the previous week, the Pakistani rupee had also gained 23 paisas against the greenback which closed at Rs286.97.

https://twitter.com/StateBank_Pak/status/1687414041462157313

Towards the end of the previous week, the Pakistani rupee started climbing up after snapping a 3-day losing streak and was appreciated by Rs2.41 by Friday.

The appreciation could be attributed to the positive vibes generated by the recent inflow of dollars from the IMF, China, Saudi Arabia, and the UAE, and the bull run at the equity market which saw KSE-100 Index crossing the 49,000 mark during intraday trading after six years on August 3.

The government is also working on its economic revival plan. It has set up a Special Investment Facilitation Council (SIFC) to attract foreign investment from Gulf Cooperation Council (GCC), with Prime Minister Shehbaz Sharif saying that the body reflected a “unified approach” to steer the country out of an economic crisis.

The high-powered SIFC which offers instant investment approval through the single window interface will be a huge psychological security to future foreign investors who can see that Pakistan has adopted a unified approach to ease investments through a cooperative and collaborative ‘whole of the government approach’-- and with the representation of all stakeholders to help in swift project implementation.

The prime minister has also convened a meeting of the Apex Committee of the SIFC today. The meeting will be attended by Chief of Army Staff General Asim Munir, and other leadership of Armed Forces.

Pakistan is facing its worst economic crisis as it managed to secure the last-minute lifeline bailout package from the IMF after months of delays in June and still, it is facing a huge balance of payments crisis, dwindling foreign reserves, and an all-time high inflation rate.

Reporter Ashraf Khan