The rupee recovered against the dollar in the interbank foreign exchange market as it gained Rs1.48 on Wednesday.

The dollar was trading at Rs287.04 at the closing of the interbank, against the closing of Rs288.52 the previous day.

Meanwhile, the dollar shed its gains in the open market and was available at Rs291 after recording an Rs2 decline.

The rupee strengthened in both markets as sources said that China has approved the deferment of a loan of $2.1 billion to Pakistan for two years.

China’s Exim Bank has officially informed Pakistan about the deferment through a letter, they added.

The Pakistan Stock Exchange also witnessed a positive session as the investors’ interest remained high during the trading session.

The benchmark KSE-100 Index gained 265.18 points, or 0.57%, to reach 46682.52 points after investors opted for buying stocks.

The KSE-30 Index gained 78.24 point, or 0.47%, to close at 16691.77 levels.