Pakistani Rupee rises against US Dollar
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The Pakistani rupee gained 0.6 percent against the US dollar in the initial hours of inter-bank trading on Thursday, reaching 286.46 by midday—a rise of Rs1.68. In contrast, the rupee had depreciated 0.09 percent to settle at 288.14 against the US dollar on Wednesday.
Notably, the International Monetary Fund (IMF) and Pakistani authorities achieved a staff-level agreement on the first review under the nine-month $3 billion Stand-By Arrangement (SBA) on Wednesday.
Pending approval by the IMF’s Executive Board, this agreement would grant Pakistan access to SDR 528 million (approximately $700 million), bringing total disbursements under the program to nearly $1.9 billion.
Meanwhile, the US dollar maintained stability early Thursday following recent volatility, with traders interpreting economic data as a sign that the Federal Reserve might delay interest rate cuts.
