PKR up 0.13% to close at Rs277.04 against US dollar

KARACHI: The Pakistani rupee on Thursday recorded marginal gain against the US dollar, appreciating 0.13% in the interbank.

At close, the currency settled at 277.04, an increase of Rs0.37, as per the State Bank of Pakistan (SBP).

Interbank closing #ExchangeRate for today https://t.co/s4Ua3qFDzO#SBPExchangeRate pic.twitter.com/o2noX7ErMp

— SBP (@StateBank_Pak) July 6, 2023

On Wednesday, the Pakistani rupee sustained losses against the US dollar, depreciating 0.71% in the inter-bank market to settle at 277.41.

In a key development, the International Monetary Fund (IMF) informed media via email on Wednesday night that the date for the Executive Board meeting on Pakistan is now July 12.

The last Extended Fund Facility (EFF) for Pakistan expired on June 30, therefore the Fund will now talk about a nine-month Stand-by Arrangement (SBA).

IMF staff and Pakistani officials established an agreement on plans that will be supported by a $3 billion, nine-month SBA, the IMF reported on June 30.

The IMF programme is crucial for the country facing a balance of payment crisis. Experts say the programme resumption would also pave the way for funding from multilateral and bilateral institutions.