Rupee continues upward trend against US dollar

Karachi: The rupee displayed a continuous upward trend against the US dollar in the interbank market on Monday morning in Karachi.

Forex dealers said that a significant appreciation of 67 paisa for the Pakistani rupee, with its value reaching Rs284.30 around 10:30 am in the interbank market.

Concurrently, the US dollar was observed trading at Rs285.50 in the open market, according to currency dealers.

This positive movement in the exchange rate comes in the aftermath of the International Monetary Fund's (IMF) November announcement, revealing that an agreement had been reached between its staff and Pakistani authorities regarding the first review of the $3 billion Stand-By Arrangement (SBA).

The upcoming IMF executive board meeting, scheduled for December 07, is anticipated to give its approval to the staff-level agreement with Pakistan.

Upon approval, an estimated disbursement of around US$700 million is expected to be released to Pakistan, contributing to a cumulative program disbursement reaching nearly US$1.9 billion.

In addition to the IMF support, Pakistan is poised to receive substantial financial assistance from Gulf countries, amounting to $1 billion, and an additional $1.2 billion from the Exim Bank.

Besides it, China has reiterated its commitment to facilitating a debt rollover for an extended period of two years.