In a significant economic development, the Pakistani rupee has shown remarkable strength against the US dollar, marking the fifth consecutive week of appreciation. This surge is attributed to the staff-level agreement (SLA) between Islamabad and the International Monetary Fund (IMF), specifically regarding the first review of the $3 billion Stand-by Arrangement (SBA).
- Inter-Bank Market: The latest data from the central bank reveals a marginal appreciation of Re0.05, settling at 283.21.
- Previous Session: In the preceding session, the rupee rose by Rs0.61, closing at 283.26 against the USD.
- IMF Impact: The SLA with the IMF has led to a substantial increase of Rs4.88, approximately 2 percent, against the USD.
- Open Market Rates: On Monday, the rupee remained resilient in the open market, with quotes at 284.50 for selling and 281.50 for buying against the US dollar.
IMF Agreement Boost
The positive momentum in the currency market is a direct result of the SLA between Islamabad and the IMF. This agreement has instilled confidence in the market, leading to a surge in the value of the Pakistani rupee. The 2 percent increase against the US dollar showcases the positive implications of international financial cooperation on the local currency.
In the open market, the rupee’s robust performance is evident with selling rates at 284.50 and buying rates at 281.50 against the US dollar. This resilience reflects the optimistic market sentiment following the agreement with the IMF, signifying a potential strengthening of the Pakistani economy.
The recent appreciation of the Pakistani rupee against the US dollar highlights the positive impact of the SLA with the IMF. With continuous upward movement in the inter-bank market and resilience in the open market, the Pakistani economy shows promising signs of growth and stability. Investors and market participants are optimistic about the potential economic strengthening, making this period a crucial one for economic observers.
Exchange Rates Table