The Pakistani rupee took another positive stride against the US dollar in the interbank market on Wednesday amid news of Islamabad striking a staff-level agreement with the International Monetary Fund (IMF), reported 24NewsHD TV channel.

According to the information obtained from forex traders, the local currency appreciated by 14 paisas and was currently being traded at Rs278.50.

On Tuesday, the Pakistani rupee had registered a marginal decline to settle at Rs278.64.

Meanwhile, Pakistan struck a staff-level agreement with the International Monetary Fund (IMF) on the second and final review of the $3 billion Stand-By Arrangement (SBA), it was announced by the lender in a statement on Wednesday.

The Fund said “This agreement is subject to approval by the IMF’s Executive Board, upon which the remaining access under the SBA, $1.1 billion will become available.”

Reporter Ashraf Khan