Rupee gains strength against US dollar in interbank following IMF deal

KARACHI: The Pakistani rupee gained Rs10.58 against the US dollar in the interbank market on Tuesday following the agreement with the International Monetary Fund (IMF), ARY News reported.

According to the State Bank of Pakistan (SBP), the local currency had appreciated by Rs10.58 against the greenback to close at Rs275.41 in the interbank market.

In the open market, the US dollar was being traded at Rs285.99.

Meanwhile, the Exchange Companies Association of Pakistan (ECAP) President Malik Bostan said that the price of the dollar will decrease further in the coming days.

Bostan predicted that the market may stabilise around the 272-276 range.

Earlier, the Pakistan Stock Market (PSX) spiked over 2,000 points on Monday. The KSE 100 index (.KSE) closed up 2,442.06 points at 43,894.7, its biggest percentage gain since June 24, 2008, when it rose 8.6%, as per Refinitiv data.

Pakistan on Friday secured a $3 billion short-term financial package from the IMF, giving its economy some much-awaited respite as it teeters on the brink of default.

International Monetary Fund (IMF) announced that a “Stand-By Arrangement” between the global money lender with Pakistan has been reached successfully. The deal, subject to approval by the IMF board in July, came hours before the current agreement with the IMF expires later the same day.