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KARACHI: The Pakistani rupee on Monday registered losses against the US dollar, depreciating 0.68% in the interbank.
At close, the currency settled at 279.80, a decrease of Rs1.9, as per the State Bank of Pakistan (SBP).
During the previous week, the rupee registered a substantial 2.91% gain against the US dollar as finalisation of the Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) gave strength to the local currency.
The rupee gained a similar amount on the open market, helping it to close between 279 and 282 on Friday. The rupee ended the day at 277.9 in the interbank market. A condition of the new SBA that will be in effect for the remainder of the current fiscal year is the lower gap, which was a reflection of the stability in both currency markets.
The new plan, which many consider as an improvement over the Extended Fund Facility that was unsuccessfully extended at the ninth review, is pending IMF Executive Board approval. Even though the IMF’s official website calendar has not yet been modified to include Pakistan as of Monday morning, it has verified that the agenda for Pakistan will be discussed on July 12.