Rupee continues recovery against US dollar

• Dollar depreciates by Rs3.03 in interbank market. 
• Closes at Rs218.88 against local currency.
• Rupee appreciates for eighth consecutive session. 

After taking a battering last month, the Pakistani rupee continued its recovery against the US dollar on Thursday, with the local currency registering gains against the greenback for the eighth consecutive session.

The US dollar depreciated by Rs3.03, or 1.38%, to close at Rs218.88 in the interbank market.

The local currency had closed at Rs221.91 a day earlier. 

The market has been responding to the positive cues that are being reported. 

A report published in The News based on sources stated that Pakistan is expected to receive the letter of intent (LoI) from the International Monetary Fund (IMF) before the weekend. 

The LOI would take Pakistan a step further closer to the release of two tranches worth $1.17 billion under a stalled loan facility.

On the other hand, the UAE's intention to invest $1 billion in Pakistani enterprises in a variety of economic and investment areas has also boosted confidence in the market.