The gradual soaring of Pakistani rupee continued on Monday in the interbank market as it brought down the US dollar below the Rs278 level, reported 24NewsHD TV channel.

According to figures obtained from forex dealers, the local currency appreciated by 19 paisas against the greenback which is currently being traded at Rs277.95.

On the last trading day on Friday, the Pakistani rupee had registered a minor improvement against the US dollar going up 27 paisas to settle for the day at Rs278.14.

Meanwhile, reports said the country had borrowed $6.67 billion from multiple financing sources during the first eight months (July-February) of the current fiscal year 2023-24 compared to $7.407 billion borrowed during the same period of 2022-23.

Also, the World Bank’s Board of Executive Directors had approved $149.7 million in financing for Pakistan to support two projects. As per a press statement, $78 million has been approved for the Digital Economy Enhancement Project (DEEP), which will support the expansion of digitally enabled public services delivery for citizens and firms.

Meanwhile, $71.7 million has been approved as second additional financing for the Sindh Barrages Improvement Project. The project “will support better resilience to floods and improvements in the reliability, safety, and management of the Sindh barrages”.

Reporter Ashraf Khan