Rupee gains Rs1.48 against dollar after IMF approves $3bn deal
Business
Greenback available for Rs276 interbank, at Rs280 in open market
KARACHI (Dunya News) – The rupee grew stronger Thursday against the US dollar on the back of approval given by the International Monetary Fund (IMF) to the stand-by arrangement (SBA).
Soon after the interbank trading started at 9:30am, the local currency gained Rs2.50 against the greenback but later the market started making correction.
In the afternoon around 3pm, the US dollar was at Rs276 against the Wednesday’s closing value of Rs277.48 after going up by Rs1.48 as the previous session too had witnessed the local currency going up by 91 paisa.
On the other hand, the dollar was down by Rs2 in open market too with the exchange rate recorded at Rs280 in the afternoon dealings.
Interbank closing #ExchangeRate for today https://t.co/NzGscQlhBF#SBPExchangeRate pic.twitter.com/3tQ69UbKal
— SBP (@StateBank_Pak) July 12, 2023
DOLLAR TAKES A BEATING
The gains made by the Pakistani rupee come as a bruised dollar was nudged lower still in Asia on Thursday after traders took surprisingly slow US inflation as a signal US interest rate rises will be all but finished by month's end.
The dollar had its worst session in five months overnight, falling more than 1 per cent against the euro to its lowest in more than a year and notching even larger losses elsewhere.
The euro hit a fresh 15-month high of $1.1141 in early Asia trade and the yen, up 0.3pc at 138.16 per dollar, was its strongest since mid-May whle the US dollar index fell marginally to 100.47, its lowest since April 2022.
On the other hand, the New Zealand dollar reached a two-month high of $0.6309 and the Aussie a three-week peak of $0.6796.
