Rupee rallies in open market

A day after Pakistan reached a Staff-Level Agreement (SLA) with the International Monetary Fund, the local currency staged a sharp recovery to Rs280-Rs283 against the US dollar in the open market on Saturday, significantly lower than the official price. Currency exchange companies kept their airport branches open for travellers where hoarders rushed to get their dollars exchanged for rupees fearing further decline in rates. Pakistan reached a nine-month Stand-By Arrangement (SBA) with the IMF for $3 billion which is expected to be approved by the Fund’s board in mid of this month. The financial circle believes the agreement provided a great relief to the market and confidence for all stakeholders of the economy. “Our branches at Karachi, Lahore, Islamabad, Quetta and Peshawar airports are open. We are getting information about the PKR appreciation after the government clinched a deal with the IMF,” said Malik Bostan, Chiarmand Exchange Companies Association of Pakistan.