IMF nod: Rupee strengthens against US dollar

ISLAMABAD: The Pakistani rupee reacting to the green signal from the IMF soared against the US dollar in the interbank market on Friday.

As per the information received from the forex dealers, the local currency appreciated by 31 paisas against the greenback and was currently being traded at Rs280.80.

On Thursday, the Pakistani rupee had collected two paisas in its value against the US dollar, settling for the day at Rs281.11.

Also yesterday, the International Monetary Fund executive board had approved a $700 million tranche for Pakistan under a $3 billion bailout, the finance ministry said.

Gold price goes up in Pakistan

The IMF board completed the 1st review and allowed for an immediate disbursement of around $ 700 million bringing the total disbursements under the SBA to $ 1.9 billion, it added.

The current IMF programme is expected to conclude in the second week of April. The initial tranche of $1.2 billion was released in July.

Meanwhile, the foreign exchange reserves held by the State Bank of Pakistan stand at $8.15 billion as of January 5, but are set to get a boost.