Pakistani rupee continues upward trend against USD

KARACHI: The Pakistani rupee continued its upward momentum against the US dollar in the interbank market on Thursday.

According to the State Bank of Pakistan (SBP), the local unit currency closed at 260.93 against the US dollar, appreciating an increase of Rs0.97.

The greenback had closed at Rs261.90 a day earlier.

Interbank closing #ExchangeRate for todayhttps://t.co/bP7wa4R6DQ pic.twitter.com/9G76Vckcoq

— SBP (@StateBank_Pak) February 23, 2023

The US dollar has gained over Rs30 in the interbank market since the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.

The rise is attributed to the resumption of $7 billion Extended Fund Facility (EFF) stalled for months.

Pakistan was eyeing to reach an agreement with the International Monetary Fund (IMF) that would not only lead to a disbursement of $1.2bn but also unlock inflows from friendly countries.