The Pakistani rupee maintained its upward trajectory against the US dollar for 10th consecutive day in the interbank market on Tuesday but towards the end of the day it lost its steam, reported 24NewsHD TV channel.
As per the State Bank of Pakistan, the local currency went up by 14 paisas against the greenback in the morning but at the end of the day it went down by one paisa and ended the day at Rs280.25.
Interbank closing #ExchangeRate for todayhttps://t.co/fSwL106WGO#SBPExchangeRate pic.twitter.com/SicQqcbBRg
— SBP (@StateBank_Pak) January 16, 2024
On Monday, the Pakistani rupee had appreciated by 12 paisas and settled for the day at Rs280.
Interbank closing #ExchangeRate for today https://t.co/saOzRHbWA0#SBPExchangeRate pic.twitter.com/ITWG8IGd9E
— SBP (@StateBank_Pak) January 15, 2024
This rupee’s appreciation run has been on the back of announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on the first review of the $3 billion Stand-by Arrangement (SBA), which led to the approval of the second tranche of the package.
Last week, the IMF Executive Board had completed the first review of the SBA, allowing for an immediate disbursement of $700 million.
Meanwhile, the foreign exchange reserves held by the State Bank of Pakistan (SBP) stand at $8.15 billion as of January 5, but are set to get a boost on IMF inflows.
Reporter Ashraf Khan