Pakistani rupee brings US dollar down below Rs280 mark in interbank
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The Pakistani rupee remained on solid grounds against the US dollar in the interbank market on Monday amid thin trade due to public holiday in New York, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency appreciated by 12 paisas against the greenback and ended the day at Rs280.24.
Interbank closing #ExchangeRate for today https://t.co/saOzRHbWA0#SBPExchangeRate pic.twitter.com/ITWG8IGd9E
— SBP (@StateBank_Pak) January 15, 2024
The New Your money market is closed due to a public holiday on account of Martin Luther King Junior’s birthday.
On the last trading day on Friday, the Pakistani rupee had closed at Rs280.36, up by 75 paisas.
Interbank closing #ExchangeRate for today https://t.co/Cj4G1QrOoU#SBPExchangeRate pic.twitter.com/HnedidK2Up
— SBP (@StateBank_Pak) January 12, 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