KARACHI: The rupee extended upward trend against the US dollar in theinterbank market during the outgoing week.
According to a weekly report, the local currency appreciated seven paisa toclose at 154.89 against the greenback in the interbank market as comparedto the previous closing of 154.96.
However, the dollar appreciated 30 paisa to finish at 155 from 154.70against the rupee in the open market, according to the Exchange CompaniesAssociation of Pakistan.
It is noteworthy that the International Monetary Fund (IMF) has approved asecond tranche worth of $450 million for Pakistan under the $6 billionExtended Fund Facility in a meeting of its executive board in Washington.
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The IMF in its board meeting said that Pakistan’s economic reform programis on track while decisive policy implementation by the Pakistaniauthorities is helping to preserve economic stability in the country.
IMF said that the authorities remain committed to expanding the socialsafety nets, reducing poverty, and narrowing the gender gap.
