Pakistani Rupee rises further against the US dollar in the interbank Market

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Pakistani Rupee rises further against the US dollar in the interbank Market

KARACHI: The rupee extended upward trend against the US dollar in the interbank market during the outgoing week.

According to a weekly report, the local currency appreciated seven paisa to close at 154.89 against the greenback in the interbank market as compared to the previous closing of 154.96.

However, the dollar appreciated 30 paisa to finish at 155 from 154.70 against the rupee in the open market, according to the Exchange Companies Association of Pakistan.

It is noteworthy that the International Monetary Fund (IMF) has approved a second tranche worth of $450 million for Pakistan under the $6 billion Extended Fund Facility in a meeting of its executive board in Washington.

The IMF in its board meeting said that Pakistan’s economic reform program is on track while decisive policy implementation by the Pakistani authorities is helping to preserve economic stability in the country.

IMF said that the authorities remain committed to expanding the social safety nets, reducing poverty, and narrowing the gender gap.