The Pakistani rupee has strengthened its position against the US dollar in the interbank market on Monday. As per the data collected from forex dealers, the local currency appreciated by 50 paisas and was currently being traded at Rs286. During the previous week, the Pakistani rupee had snapped its losing streak against the US dollar as it closed the week 0.18% or 53 paisas higher to settle at Rs286.50 in the inter-bank market. The Pakistani currency had rebounded from 4-week losses, helped by the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on first review of the $3 billion Stand-by Arrangement (SBA).

 During the last week, the rupee had continued its downtrend till Wednesday, before the IMF announced that its staff and Pakistani authorities had reached an agreement on first review of the nine-month SBA. The staff-level agreement between Pakistan and the IMF is subject to approval of the Fund’s Executive Board. Upon approval, around $700 million will become available bringing total disbursements under the programme to almost $1.9 billion, the IMF said in its statement.

 Credit: Independent News Pakistan (INP)