During the outgoing week, the Pak Rupee strengthened against the U.S. dollar in the interbank market.
The local currency appreciated by 7 paisa to close at 154.89 against the greenback in the interbank market in comparison to the earlier closing of 154.96.
According to the Exchange Companies Association of Pakistan, the U.S. dollar strengthened 30 paisa to reach 155 from 154.70 against the Pak rupee in the open market
It is pertinent to mention here that in a meeting of its executive board in Washington the International Monetary Fund (IMF) has given approval to a second tranche worth of $450 million for Pakistan under the $6 billion Extended Fund Facility.
In its board meeting, the IMF said that the economic reform program of Pakistan is on track. The decisive policy implementation by the Pakistani authorities is helping in preserving the economic stability in Pakistan.
According to the IMF, the authorities are committed to expand the social safety nets, reduce poverty and narrow down the gender gap.
In an earlier article we informed our readers about how even though the rupee has strengthened against the dollar, still, Pak Suzuki has hiked the price of its cars and bikes. Prices of multiple models of Pak Suzuki Motor Company Ltd (PSMCL) were raised by Rs. 49,000-90,000 effective from 1st January 2020.
Also, back in November, we reported that Pak Rupee has gained strength against the US dollar. The exchange rate of the US dollar weakened by 07 paisa in the interbank. It was traded at Rs155.64 against the closing of Rs 155. 7, as per the State Bank of Pakistan.