With the latest decline in the value of the greenback, it settled at Rs280.35 at the closing of the market as against Rs281.11 the previous day.

In the open market, the buying of the dollar was recorded at Rs280 while it was quoted at Rs282 for selling at the time of filing the story.

The upward momentum in the value of the rupee came amid the announcement that the International Monetary Fund’s executive board allowed an immediate disbursement of $700 million for Pakistan under the $3-billion Stand-By Arrangement (SBA).

“The Executive Board of the International Monetary Fund completed the 1st review and allows for an immediate disbursement of SDR 528 million (around US$ 700 million) bringing the total disbursements under the SBA to US$ 1.9 billion,” the finance ministry said a day earlier.

It is pertinent to mention that the rupee began its recovery against the dollar in the interbank and open market last year when the government initiated a crackdown against hoarders and smugglers of foreign currency.

Additionally, Pakistan reached a staff-level agreement with the IMF on a $3-billion SBA in July 2023 which further assisted in the improved performance of the local unit.