Pakistani rupee extends winning streak against US dollar in interbankBreaking

December 06, 2023

The Pakistani rupee extended its winning streak to seventh consecutive session as it went up against the US dollar in the interbank market on Wednesday. According to the figures obtained from the forex dealers, the local currency appreciated by 38 paisas against the greenback and was currently being traded at Rs284. On Tuesday, the Pakistani rupee had gained 0.05 percent in value as it had settled for Rs284.38 after an increase of 15 paisas. In a key development, the International Monetary Fund (IMF) Executive Board has issued meetings scheduled till December 14, but Pakistan was not on the agenda as the first review under the $3 billion stand-by arrangement (SBA) programme remained pending. The current IMF programme of $3 billion is scheduled to end in the second week of April 2024, with around $1.8 billion remaining undisbursed. The Fund released $1.2 billion as the first tranche in July.

Credit: Independent News Pakistan (INP)