Pakistani Rupee Strengthens Against US Dollar In Interbank

Web DeskJanuary 8, 2024
Pakistani Rupee Strengthens Against US Dollar In Interbank

The Pakistani rupee is continuing its rebound against the US dollar, with further gains observed in the interbank market on the first working day of the week. Trading around 281.08, the rupee has experienced a notable increase of Rs 0.32.

In the preceding week, the PKR showcased a 0.16% or Rs 0.46 rise, eventually settling at 281.40 against the US dollar in the interbank market. This positive trajectory in the exchange rate has been sustained for over a week, and it is primarily attributed to the staff-level agreement (SLA) that was successfully negotiated between Pakistan and the International Monetary Fund (IMF).

Read more : Rupee Gains Ground Against the US Dollar

The recent strengthening of the Pakistani rupee follows a period of depreciation, and the SLA with the IMF has played a pivotal role in restoring market confidence. The agreement reflects the commitment of the Pakistani government to implement economic reforms and maintain fiscal discipline, contributing to positive sentiment among investors and currency traders.

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