The Pakistani rupee remained on solid grounds against the US dollar in the interbank market on Monday amid thin trade due to public holiday in New York. According to the figures obtained from currency dealers, the local currency appreciated by 58 paisas against the greenback and was currently being traded at Rs279.78. The New Your money market is closed due to a public holiday on account of Martin Luther King Junior’s birthday. On the last trading day on Friday, the Pakistani rupee had closed at Rs280.36, up by 75 paisas. This rupee’s appreciation run has been on the back of announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on the first review of the $3 billion Stand-by Arrangement (SBA), which led to the approval of the second tranche of the package. Last week, the IMF Executive Board had completed the first review of the SBA, allowing for an immediate disbursement of $700 million. Meanwhile, the foreign exchange reserves held by the State Bank of Pakistan (SBP) stand at $8.15 billion as of January 5, but are set to get a boost on IMF inflows.

Credit: Independent News Pakistan (INP)