The rupee strengthened against the dollar in the interbank foreign exchange market on Friday, a day after Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement on the first review of the Stand-By Arrangement

The local unit gained 88 paisas against the dollar which was trading at Rs286.5 at the closing of the market, as against the closing of Rs287.38 the previous day.

Meanwhile, the foreign exchange reserves held by the State Bank of Pakistan clocked in at $7.39 billion during the week ended on November 10. The reserves held by the commercial banks came in at $5.13 billion.

Similarly, the total liquid foreign exchange reserves of the country were recorded at $12.53 billion during the week ended on November 12.

In the open market, the dollar’s value was seen at 287.3 for buying purposes and 290.2 for selling purposes at the time of filing this story.

The Pakistan Stock Exchange recorded a negative trading session as the benchmark KSE-100 Index shed 378.30 points or 0.66% to reach 57,018.72 at the closing of the market.

Similarly, the KSE-30 Index shed 184.38 points or 0.96% to reach 19,034.9 levels as the market closed on Friday.