US dollar sinks Pakistani rupee in interbank market
By News Desk
July 10, 2023 10:58 AM
The US dollar started the week on solid footing against the Pakistani rupee in the interbank market on Monday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the greenback roared up by Rs1.90 against the local currency and ended the day at Rs279.90.
During the previous week, the rupee registered a substantial 2.91% gain against the US dollar as finalization of the Stand-by Agreement (SBA) with the International Monetary Fund (IMF) gave strength to the local currency.
On Friday, the rupee settled at Rs277.90 in the interbank market, with a similar gain in the open market helping it close between Rs279 and Rs282.
The narrower gap was a reflection of the stability in both currency markets, and remains a strength of the new SBA as well that will run through the second half of the current fiscal year.
The new programme, seen by many as an upgrade to the Extended Fund Facility that expired unsuccessfully at the ninth review, is subject to approval of the IMF Executive Board.
The IMF has also confirmed Pakistan’s agenda is to be taken up on July 12.
Reporter Ashraf Khan