KARACHI
\nPakistani rupee appreciated by eleven paisas against the US dollar in the inter-bank market on Monday.
\nThe State Bank of Pakistan (SBP) said that the rupee opened at 278.74 against the dollar in the interbank market and closed at 278.63, appreciating by 0.04 percent.
\nThe local unit gained 30 paisas last week against the greenback. Overall, the rupee has improved by Rs9.66 during the current fiscal year 2023-24. The local unit improved by Rs0.39 in February, Rs2.36 in January and Rs3.31 in December, while it shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23 percent) against the greenback in the month of October.
\nSimilarly, the local unit gained traction against the greenback in the open market. The rupee was quoted at 278.50 for buying and 281.10 for selling, according to data provided by different exchange companies.
\nThe rupee surged against the greenback by Re1 in February, Rs2 in January and Rs3.50 in December.
\nMeanwhile, it was learned that Pakistan is likely to sign the staff-level agreement with the International Monetary Fund (IMF) next week. The signing of a staff level agreement with the IMF will clear the way for Pakistan to receive the last tranche of $1.1 billion under the Stand-By Agreement. It was reported that during the talks with the IMF, Pakistan\u2019s officials assured the international lender of jacking up electricity tariff from July 1, while monthly, quarterly, and yearly fuel adjustments will be slapped on consumers for cost recovery.
\nIn a related development, the country\u2019s foreign currency reserves increased 0.22 percent week-on-week to $7.91 billion, according to the weekly update released by the SBP. The central bank\u2019s foreign currency reserves reached $7,912.9 million in the week ended on March 8, 2024, up $17.2 million compared to the previous week\u2019s tally of $7,895.7 million. Of the total, the foreign currency reserves held by commercial banks rose to $5,238.4 million compared to $5,124.3 million a week ago. Accordingly, the country\u2019s total liquid reserves came in at $13,151.3 million in the week under review, up from $13,020 million in the prior week.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistani rupee appreciated by eleven paisas against the US dollar in the inter-bank market on Monday. The State Bank of Pakistan (SBP) said that the rupee opened at 278.74 against the dollar in the interbank market and closed at 278.63, appreciating by 0.04 percent. The local unit gained 30 paisas last week against the […]<\/p>\n","protected":false},"author":2,"featured_media":387504,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-394682","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n