KARACHI: The rupee on Monday gained some value against the dollar after the country clinched $7 billion deal with International Monetary Fund (IMF).
During the intraday trade, the rupee moved upward by 40 paisas to close the day at Rs.278.11 on Monday against the level of Rs.278.40 of the last session, gaining 29 paisas.In the open market, the rupee remained flat against the dollar at Rs.280.5.
The Pakistani rupee received some support after the IMF okayed a staff-level agreement (SLA) a couple of days back.The country badly needs financial assistance from the global lender for macroeconomic stability, which the government believes has been achieved largely after meeting the conditions of the IMF.
Dealers said that the new deal with the IMF will be key to ensure currency stability and will help build up foreign exchange reserves.The successful achievement of a staff-level agreement with the IMF will create a favourable environment for financial inflows from other multilateral institutions, bilateral partners, etc.
These inflows are expected to contribute to an increase in the country’s foreign exchange (FX) reserves and help alleviate any external pressures.
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