Rupee appreciates slightly to 278.12/$

Pakistani currency notched up fresh gains for the eighth consecutive working day on Monday, rising to a new five-month high at Rs278.12 against the US dollar in the inter-bank market in the wake of higher supply of the foreign currency compared to its demand. According to State Bank of Pakistan’s (SBP) data, the rupee inched up Rs0.02 on a day-on-day basis against the greenback. The currency has cumulatively gained 10.41%, or Rs28.95, in the past six and a half months compared to the all-time low close of Rs307.10/$ recorded in the first week of September 2023. Exchange Companies Association of Pakistan (ECAP) reported that the local currency closed unchanged at Rs280.73/$ in the open market for the second successive working day. Read Rupee surges to new five-month high at Rs278.14/$ Market talk suggests that achievement of a staff-level agreement with the International Monetary Fund (IMF) for the release of third and last loan tranche of $1.1 billion has encouraged other global financial institutions including the World Bank to unlock financing for different projects in Pakistan.