The US dollar started the week on positive footing as it gained 26 paisas in value against the Pakistani rupee in interbank market on Monday. According to the information received from the forex dealers, the greenback was appreciated by 26 paisas and was currently being traded at Rs283.85.

On Friday last, the Pakistani rupee had improved its position against the US dollar, settling with a marginal appreciation of 0.08%. According to the State Bank of Pakistan (SBP), the Pakistani rupee had closed at 283.59, an increase of 23 paisas. In a key development, the International Monetary Fund (IMF) had reiterated that it is working with Pakistani authorities to bring the pending ninth review to conclusion “once the necessary financing is in place and the agreement is finalised”.

“In addition, the IMF supports the authorities in the implementation of policies in the period ahead, including in the technical work to prepare the FY24 budget, which is to be passed by the National Assembly before end-June,” Nathan Porter, the IMF Mission Chief for Pakistan, said on Friday. The development comes as Pakistan remains engaged with the Washington-based lender to resume its bailout program that has been stalled at the ninth review since November last year.

Credit: Independent News Pakistan-INP