Rupee gains strength after IMF inflows

Rupee gains strength after IMF inflows

Pakistan’s currency has strengthened to Rs278.21 against the US dollar in the interbank market, maintaining its upward trend for about a week following the receipt of IMF inflows last week.

According to State Bank of Pakistan (SBP) data, the domestic currency rose by Rs0.09 against the US dollar during the day, closing at Rs278.30/$ on Thursday.

The Exchange Companies Association of Pakistan (ECAP) reported that the local currency rose by Rs0.17, closing at Rs279.48/$ in the open market.

The latest rise in the currency came after the central bank announced on Thursday that the country’s foreign exchange reserves had increased by $25 million, bringing it back above $8 billion in the week ending April 26.

The reserves are projected to have crossed the $9 billion mark after the IMF received the last round of $1.1 billion on April 29.

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