Rupee gains marginally against the dollar

ISLAMABAD: The Pakistani rupee reported a minor gain against the US dollar, appreciating 0.11 percent during the opening hours of trading in the inter-bank market on Tuesday.

At midday, the rupee was hovering at 284.22, an increase of Re0.31 in the inter-bank market.

On Monday, the rupee registered a marginal gain to settle at 284.53 against the US dollar.

In a key development, the International Monetary Fund (IMF) Executive Board has issued meetings scheduled till December 14, but Pakistan is not on the agenda as the first review under the $3 billion stand-by arrangement (SBA) programme remains pending.

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The current IMF programme of $3 billion is scheduled to end in the second week of April 2024, with around $1.8 billion remaining undisbursed. The Fund released $1.2 billion as the first tranche in July.

Globally, the US dollar regained some ground on Tuesday and hovered near a one-week high against a basket of currencies.