The Pakistani rupee gained a record 16 paisas against the US dollar in interbank trading and reached Rs278.25. The US dollar on Wednesday right after the announcement of the deal with the International Monitory Fund (IMF), lost 23 paisas value against the Pakistani Rupee at the closing of interbank trade. The new price of the US dollar reached Rs278.41. In the open market, the greenback reached Rs281.12. The talks on an economic review between Pakistan and the International Monetary Fund (IMF) have been successful.

The two sides have reached a staff-level agreement on the second and final review under the stand-by arrangement, subject to the approval of the IMF’s Executive Board. An announcement revealed that Pakistan will receive the last installment of $1.1 billion under a $3 billion loan agreement next month, following the approval of the IMF Executive Board. The current standby arrangement of $3 billion will expire as soon as the country receives the last tranche. It has been reported that the IMF has lauded Pakistan's economic initiatives.

Credit: Independent News Pakistan