Rupee gains ground against US dollar

KARACHI: The Pakistani rupee recovered against the US dollar in the intraday trading on Monday, ARY News reported.

According to forex dealers, the PKR appreciated by Re0.37 and around 10:00 am it was being traded at Rs285 in the interbank market, while the USD is being sold to the importers by banks at Rs285.50.

The local currency was being traded at Rs286.50 in the open market, said forex dealers.

On Friday, the rupee closed at 285.37 against the US dollar.

Interbank closing #ExchangeRate for todayhttps://t.co/nT0SqHnOwF#SBPExchangeRate pic.twitter.com/Ff2mRQgloA

— SBP (@StateBank_Pak) November 24, 2023

Earlier this month, 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 is likely to approve the staff-level agreement with Pakistan on December 7.

Read more: Gold set for second weekly gain as dollar crumbles

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.