On Tuesday, the rupee closed at 278.31 after appreciating by nine paise. The inter-bank market was closed on Wednesday on account of Labor Day.

Reports said Prime Minister Shehbaz Sharif constituted a 16-member Inter-Ministerial Committee headed by Federal Minister for Petroleum and Natural Resources Musadik Masood Malik to facilitate Saudi private sector delegation, scheduled to visit Pakistan from May 5-7, 2024.

Earlier this week, the country received the final $1.1 billion tranche under the nine-month stand-by arrangement in its account from the International Monetary Fund.

This came after Pakistan completed its nine-month economic reform programme supported by the IMF. In a statement on Monday, the Fund acknowledged Pakistan’s progress in achieving economic stability.