A day before elections, the Pakistani Rupee soars against the US dollar.

The value of the Pakistani Rupee increased by 17 paisas versus the US dollar on Wednesday in interbank trade, one day ahead of the general elections.

The US dollar is now trading at Rs 279.25.

Prior to this, S&P Global Ratings stated that improving Pakistan’s political climate is probably going to be a crucial prerequisite for restoring the government’s rating.

According to the rating agency, these actions, along with fresh policy initiatives aimed at boosting investor confidence and reducing inflation, may raise fiscal and external indicators to the point where the sovereign ratings might shift to the “B” category.

It went on to say that the government would have a greater chance of obtaining outside funding from the International Monetary Fund (IMF) if the next elections produce a government with the backing of the people and the ability to collaborate with important national organisations.