Rupee gains ground against US dollar in interbank

KARACHI: The Pakistani rupee recovered against the US dollar in the intraday trading on Friday.

According to forex dealers, the PKR appreciated by Re0.32 and is currently being traded at Rs284.95 in the interbank market.

The local currency was being traded at Rs286 in the open market, said forex dealers.

On Wednesday, the rupee closed at 285.27 against the US dollar.

Last week, the International Monetary Fund (IMF) announced that its staff and Pakistani authorities have reached an agreement on the first review of the $3-billion, Stand-By Arrangement (SBA).

The International Monetary Fund (IMF) executive board likely to approve the staff-level agreement with Pakistan on December 7.

According to sources, the IMF executive board meeting will likely be held on December 7 and is expected to consider Pakistan’s case in the meeting.

Sources said that after the approval from IMF’s Executive Board around US$700 million will be available to Pakistan, bringing total disbursements under the program to almost US$1.9 billion.

Pakistan is also likely to receive $ 1 billion from gulf countries and $ 1.2 billion from Exim Bank whereas China has assured debt rollover for further two years.