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Saturday, March 02, 2024  
21 Shaban 1445  

Rupee gains strength against dollar in interbank market

Local currency closes at Rs285.79 against previous closing of Rs285.97

The rupee gained 18 paisas, or appreciated by 0.16%, against the dollar in the interbank market on Tuesday, the State Bank of Pakistan reported.

The local currency closed at Rs285.79 against the previous closing of Rs285.97, the central bank said, as the rupee recovers following the International Monetary Fund’S staff-level agreement with Pakistan on the first review of a $3 billion bailout.

On Monday, the dollar dropped from Rs286.50 to Rs285.97.

The country would receive $700 million after approval from the Fund’s Executive Board, according to the organisation.

The IMF asked the country to leave the exchange rate on the market forces so that the government would not take “administrative actions” to control the value of the US dollar against the Pakistani rupee.

Meanwhile, stocks at the Pakistan Stock Exchange fell by 293.62 points to close at 57,371.58 level, against the previous closing of 57,691.22 levels.

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