Rupee records gains against US Dollar

ISLAMABAD: The Pakistani rupee registered gains against the US dollar, as it appreciated 0.6 percent during opening hours of trading in the inter-bank market on Thursday.

At midday, the rupee was hovering at 286.46, an increase of Rs1.68 in the inter-bank market.

On Wednesday, the rupee had depreciated 0.09 percent to settle at 288.14 against the US dollar.

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In a key development, the International Monetary Fund (IMF) staff and the Pakistani authorities on Wednesday reached a staff-level agreement on the first review under the nine-month $3 billion Stand-By Arrangement (SBA).

The agreement is subject to approval by the IMF’s Executive Board. Upon approval, Pakistan will have access to SDR 528 million (around $700 million), bringing total disbursements under the program to almost $1.9 billion.

Internationally, the US dollar held its ground early on Thursday after a volatile two days that saw sharp declines followed by a rebound as traders took incoming economic data as signalling the Federal Reserve will wait longer before cutting interest rates.