The Pakistani rupee continued its upward trend against the US dollar, appreciating by 0.09 per cent in the interbank market on Thursday. By 10:30 AM, the currency stood at 277.78, marking a gain of Re0.26 against the dollar. This follows its closing at 278.04 on Wednesday, as reported by the State Bank of Pakistan (SBP).
Market sentiment is now turning toward the upcoming International Monetary Fund (IMF) Executive Board meeting scheduled for September 25, which will discuss Pakistan’s 37-month Extended Fund Facility (EFF) of approximately $7 billion.
On the global front, the US dollar strengthened broadly on Thursday, rebounding from an earlier decline after the Federal Reserve’s significant interest rate cut, which had largely been anticipated by the markets. The US central bank began its monetary easing cycle with a larger-than-expected half-percentage-point rate reduction, signalling its commitment to maintaining low unemployment rates now that inflation is under control.
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