KARACHI: The Pakistani rupee registered gains against the United States (US) dollar on Wednesday.
In the interbank market, the greenback closed at Rs176.16 against the local unit, compared to the previous close of Rs176.23, according to the data of the State Bank of Pakistan (SBP). It appreciated 7 paisas or 0.04 per cent during the session.
On Tuesday, the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank, and Pakistan signed an agreement under which the former would make available $1.2 billion of syndicated loan for commodity financing, particularly oil and gas.
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The Annual Plan was signed during a ceremony in ITFC headquarters in Jeddah between ITFC and a delegation of the Pakistan Ministry of Economic Affairs (EAD).
The US$ 1.2 billion agreement includes financing the import of essential commodities such as crude oil, refined petroleum products, LNG, food and agricultural products; in addition to implementing trade related technical assistance intervention to ensure trade development impact.
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