Pakistani rupee rises for 6th straight time against US dollar in interbank
By News Desk
December 5, 2023 10:41 AM
The Pakistani rupee pressed ahead with its winning momentum against the US dollar in the interbank market on Tuesday, taking its current streak to six, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency appreciated by 15 paisas against the greenback and ended the day at Rs284.38.
On Monday, the Pakistani rupee had recorded its fifth consecutive gain against the US dollar and settled for the day at Rs284.53, up by 0.15 percent or 44 paisas.
Last month, Pakistan had struck a staff-level agreement with International Monetary Fund (IMF) regarding $3 billion Stand-By Agreement. The approval is awaited from the IMF executive board.
In a key development during the previous week, the Kingdom of Saudi Arabia had also extended the term for a $3 billion deposit (maturing on December 5, 2023) placed with Pakistan for another one year to support Pakistan’s economy.
Reporter Ashraf Khan