Pakistani rupee keeps on building against US dollar in interbank
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The Pakistani rupee kept on building its value against the US dollar as it appreciated by 19 paisas and was currently being traded at Rs277.50 in interbank market on Friday, reported 24NewsHD TV channel.
As per the information obtained from forex dealers, the local currency was hovering at Rs277.50 down from Rs277.69 against the greenback.
On Thursday, the Pakistani rupee had settled at Rs277.69, according to the State Bank of Pakistan (SBP).
In a key development, the International Monetary Fund (IMF) Executive Board on Wednesday approved Pakistan’s 37-month Extended Fund Facility (EFF) arrangement of about $7 billion aimed at supporting the authorities’ efforts to cement macroeconomic stability and create conditions for a stronger, more inclusive, and resilient growth.
The board had also authorised to immediately release the first loan tranche of nearly $1.1 billion, which is likely to be received by September 30.
Reporter Ashraf Khan