The Pakistani Rupee opened the trading session with another slight increase of 64 paisas against the US Dollar, as per the interbank exchange rate. For the past couple of days, the American currency has been on a decline against the Rupee, as Pakistan negotiated with the International Monetary Fund about the next instalment in the $3 billion loan programme. On Thursday morning, the session began with the Rupee being traded at Rs287.50 after gaining 64 paisas against the Dollar in the interbank market.

On Wednesday, the Pakistani Rupee opened the trading session with a slight increase of 27 paisas against the US Dollar, as per the interbank exchange rate. The Dollar opened the trading session with a rate of Rs287.60 in the interbank market, as per currency dealers. At around noon, the local currency showed a rate of Rs287.80, after an increase of 7 paisas in the interbank market. The US Dollar closed Wednesday's trading session at Rs288.14 after a minor fall against the Rupee.

In the open market, however, the Dollar depreciated against the Pakistani Rupee. It was being sold at Rs289.5 and bought by customers for Rs286.5. On Tuesday, the US Dollar opened the trading session with a value of Rs287, as the interbank exchange rate saw a slight dip of 55 paisas. In the interbank trading, the Dollar closed at Rs 287.87 on Tuesday. Since October 16, the American currency has appreciated by Rs 11.04.

In the open market, the US Dollar remained unchanged at Rs289. Since October 16, it has gone up by Rs12. The American currency has continued its sharp upward trend over the past couple of weeks, while Pakistan on Wednesday successfully negotiated a staff-level agreement (SLA) with the International Monetary Fund (IMF). The agreement, subject to approval by the IMF's Executive Board, marks a significant stride in the implementation of Pakistan's economic program supported by the IMF stand-by arrangement (SBA) amounting to$3 billion. Upon approval, Pakistan is set to receive a disbursement of around $700 million, bringing the total disbursements under the programme to nearly $1.9 billion.

 
Credit: Independent News Pakistan (INP)