Pakistan rupee climbs 4.8%, boosted by IMF deal

Pakistan's rupee jumped 4.8% against the dollar in early trade on Tuesday, in the first trading session after the country secured last-minute funding from the International Monetary Fund (IMF).

The rupee stood at 273 to the dollar compared with the close of 285.99 on June 27. Markets were shut for the Eid holidays last week and a bank holiday on Monday.

On Friday, Pakistan secured a $3 billion short-term financial package from the IMF, giving its indebted economy much-needed relief as it teetered on the brink of default.