Rupee Strengthens, Dipping Below 280 Against US Dollar In Interbank
During the morning trade in the interbank market on Monday, the Pakistani rupee displayed a positive trend against the US dollar, marking an upward trajectory. In the initial hours of trading, the local currency recorded a gain of 0.21% against the greenback.
As the trading session progressed, the Pakistani rupee continued its ascent, experiencing an improvement of Rs0.58. By midday, the exchange rate against the US dollar stood at 279.78.
The momentum continued, with the rupee appreciating further against the US dollar in the interbank market. It gained Rs1.04 or 0.37%, reaching a settlement at 280.36 against the USD.
The ongoing strengthening of the rupee has been attributed to the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) regarding the first review of the Stand-by Arrangement (SBA). This positive development has likely played a role in influencing the currency’s favorable performance in the foreign exchange market.
As the rupee continues its upward trajectory, the market dynamics reflect the impact of economic factors and agreements on the currency’s valuation. The SLA with the IMF contributes to a positive sentiment, influencing the exchange rate against the US dollar in the interbank market.