The dealer continued, “The local unit also benefited from a positive atmosphere when Saudi Arabia and China granted Pakistan $13 billion in finance.” “In the upcoming days, we anticipate the rupee to maintain its current upward trend.”As a result of Prime Minister Shehbaz Sharif’s recent trip to Beijing, China has agreed to refinance an additional $3.3 billion in commercial bank borrowings, increase the currency exchange facility by up to $1.45 billion, and renew $4 billion in sovereign loans to the South Asian nation.
Analysts claim that the forward swaps are in the positive area, indicating enough foreign exchange liquidity. A memorandum of agreement on establishing RMB (Chinese currency) clearing mechanisms in Pakistan was inked by Pakistan and China last week.International financial institutions are anticipated to invest in the nation. Pakistan has been given $2.5 billion in flood assistance by the World Bank.
