The dollar fell by 11 paise against the rupee in the interbank market on Thursday, insiders said. The greenback was trading at Rs278.20 in the early morning trade. On Tuesday, the rupee closed at 278.31 after appreciating by nine paise. The inter-bank market was closed on Wednesday on account of Labor Day. Reports said Prime Minister Shehbaz Sharif constituted a 16-member Inter-Ministerial Committee headed by Federal Minister for Petroleum and Natural Resources Musadik Masood Malik to facilitate Saudi private sector delegation, scheduled to visit Pakistan from May 5-7, 2024. Earlier this week, the country received the final $1.1 billion tranche under the nine-month stand-by arrangement in its account from the International Monetary Fund. This came after Pakistan completed its nine-month economic reform programme supported by the IMF. In a statement on Monday, the Fund acknowledged Pakistan’s progress in achieving economic stability.

Credit: Independent News Pakistan