Following the agreement on the first review of the $3 billion, nine-month Stand-By-Arrangement (SBA), the Pakistani rupee appreciated Rs1.68 against the US dollar (USD) in the interbank on Thursday, media reported.
On Wednesday, the International Monetary Fund (IMF) announced that its staff and Pakistani authorities have reached an agreement on the first review of the $3-billion, Stand-By Arrangement (SBA).
According to forex dealers, the PKR gained Rs1.68 against the US dollar. The USD is currently trading at Rs286.46 in the interbank market.
The banks are selling the dollar to importers at Rs287.16, while the same is being sold at Rs288 in the open market, the forex dealers said.
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According to market experts, the Pakistani rupee is appreciating against the greenback as Pakistan and the International Monetary Fund have reached an agreement on the first review of the 9-month SBA.
Meanwhile, the USD gained Rs 2.72 against Pakistani currency in interbank trading in the week.
