Buoyed Pakistani rupee turns the tables on US dollar

Buoyed by the staff-level agreement between the IMF and the government, the Pakistani rupee turned the tables on the US dollar in the interbank market on Thursday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency appreciated by 76 paisas against the greenback and ended the day at Rs287.38.

Interbank closing #ExchangeRate for todayhttps://t.co/aPIx679tAQ#SBPExchangeRate pic.twitter.com/JQ1irnA5Vx

— SBP (@StateBank_Pak) November 16, 2023

On Wednesday, the Pakistani rupee had gone down by 0.09 percent to settle at Rs288.14 against the US dollar.

Interbank closing #ExchangeRate for todayhttps://t.co/2bBPt0SsMg#SBPExchangeRate pic.twitter.com/Y5dWkDPzAt

— SBP (@StateBank_Pak) November 15, 2023

In a key development, the International Monetary Fund (IMF) staff and the Pakistani government had struck a staff-level agreement on the first review under the nine-month $3 billion Stand-By Arrangement (SBA).

The agreement is subject to approval by the IMF’s Executive Board. Upon approval, Pakistan will have access to SDR 528 million (around $700 million), bringing total disbursements under the programme to almost $1.9 billion.

Another positive news for the public was the announcement of a cut in prices of petroleum products.

According to the notification, the price of petrol has been decreased by Rs2.04 per litre while the rate of High-Speed Diesel (HSD) has been reduced by Rs6.47 per litre.

The cost of kerosene has been cut by Rs6.05 and Light-Diesel Oil by Rs9.01 per litre.

 

Reporter Ashraf Khan