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KARACHI: The Pakistani rupee on Thursday continued to gain ground against the US dollar, appreciating 0.6% in the interbank.
According to the State Bank of Pakistan (SBP), the local currency closed at 284.91, an increase of Rs1.71.
Interbank closing #ExchangeRate for todayhttps://t.co/fgYYOewOy2 pic.twitter.com/eo15SRAYbh
— SBP (@StateBank_Pak) April 13, 2023
The rupee gained some ground versus the US dollar the day prior, finishing at 286.62 in the interbank market after increasing by Rs1.81 or 0.63%.
In a significant breakthrough, an IMF official expressed confidence that the staff-level agreement (SLA) will be signed quickly and approved by the IMF Board, according to a statement issued by the Finance Division.
The declaration followed Finance Minister Ishaq Dar’s participation via Zoom from Islamabad at the IMF-World Bank Spring Meetings. According to the Finance Division, Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, hoped Pakistan will continue its reforms in a number of different sectors.
The IMF programme’s restart, which has been on hold since November of last year, is still essential for the cash-strapped economy.