Karachi (Web Desk): Pakistani Rupee on Monday gained 53 paisa against US Dollar in the interbank trading and closed at Rs 285.97 against the previous day's closing at Rs 286.50.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs286.2 and Rs289 respectively.
Interbank closing #ExchangeRate for todayhttps://t.co/nc62s3hAjv#SBPExchangeRate pic.twitter.com/s5iBG7ouvf
— SBP (@StateBank_Pak) November 20, 2023
During the previous week, the local finally snapped its losing streak and rebounded from 4-week losses, helped by the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on first review of the $3 billion Stand-by Arrangement (SBA).
The staff-level agreement between the IMF and Pakistan is subject to approval of the IMF’s Executive Board. Upon approval, around $700 million will become available bringing total disbursements under the programme to almost $1.9 billion, the global money lender said in its statement.
