Rupee gains strength after IMF inflows
photo: file
The Pakistani currency has strengthened to Rs278.21 against the US dollar in the interbank market, maintaining an uptrend for about a week following the receipt of IMF inflows last week.
According to the State Bank of Pakistan’s (SBP) data, the domestic currency appreciated by Rs0.09 against the greenback during the day, closing at Rs278.30/$ on Thursday.
The Exchange Companies Association of Pakistan (ECAP) reported that the local currency increased by Rs0.17, closing at Rs279.48/$ in the open market.
The latest improvement in the currency comes after the central bank announced on Thursday that the country’s foreign exchange reserves had increased by $25 million, reinstating above $8 billion in the week ended April 26.
The reserves are projected to have surpassed the $9 billion mark after the receipt of the IMF’s last tranche of $1.1 billion on April 29.
Published in The Express Tribune, May 4th, 2024.
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