The Pakistani rupee experienced a significant boost against the US dollar in the interbank market on Tuesday, following the agreement with the International Monetary Fund (IMF), as reported by ontime news.
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| The Pakistani rupee has strengthened against the US dollar |
As per the State Bank of Pakistan (SBP), the local currency surged by Rs10.58 against the greenback, reaching a closing rate of Rs275.41 in the interbank market. In the open market, the US dollar was being traded at Rs285.99.
Malik Bostan, President of the Exchange Companies Association of Pakistan (ECAP), expressed his belief that the dollar's price would continue to decrease in the upcoming days. He predicted that the market might stabilize within the range of 272-276.
On Monday, the Pakistan Stock Market (PSX) witnessed a significant surge, with the KSE 100 index (.KSE) closing up 2,442.06 points at 43,894.7. This marked the largest percentage gain since June 24, 2008, when it rose by 8.6%, according to Refinitiv data.
Pakistan recently secured a $3 billion short-term financial package from the IMF, providing much-needed relief to its economy, which has been on the verge of default. The International Monetary Fund (IMF) announced the successful completion of a "Stand-By Arrangement" with Pakistan. The deal, subject to approval by the IMF board in July, was finalized just hours before the expiration of the current agreement with the IMF on the same day.
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