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ISLAMABAD: The Pakistani rupee surged against the US dollar in the interbank market on Friday in response to a green signal from the IMF.
According to information received from forex dealers, the local currency appreciated by 31 paise against the dollar and is currently trading at Rs 280.80.
On Thursday, the Pakistani rupee gained two paise in its value against the US dollar to settle at Rs 281.11 for the day.
The Executive Board of the International Monetary Fund also yesterday approved a $700 million tranche for Pakistan under a $3 billion financial assistance package, the finance ministry said.
The IMF Board completed the first review and authorized the immediate disbursement of approximately $700 million, bringing the total disbursements under the SBA to $1.9 billion, it added.
Also read: Stock market update: Friday builds on Thursday’s gains
The current IMF program is expected to close in the second week of April. An initial tranche of $1.2 billion was released in July.
Meanwhile, foreign reserves held by the State Bank of Pakistan stand at $8.15 billion as of January 5, but it is poised to raise them.
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