Value of US dollar falls in Pakistan soon after IMF deal

Islamabad: The value of US dollar has started to fall again against Pakistani rupee at the interbank level.

During the fourth day (Thursday) of the business week, the dollar has declined to settle at Rs286.46 after a decrease of Rs1.68 in the domestic exchange markets.

It is pertinent to note that earlier on yesterday the price of dollar in the Interbank was recorded at Rs288.14 with an increase of Rs0.27.

On the other hand, a positive business trend is being observed in the Pakistan Stock Exchange (PSX). 100 index rose 287 points to settle at 56,967, which closed at 56,680 yesterday.

Earlier on yesterday, the International Monetary Fund (IMF) delegation and Pakistan's economic team reached a staff-level agreement on the first review under the nine-month $3 billion Standby Agreement (SBA).

The agreement is subject to the approval of the IMF's Executive Board. Upon approval, Pakistan will receive an installment of approximately $700 million, which will bring the total amount received by Pakistan from the financial institution under the program to approximately $1.9 billion.