Rupee gains Rs1.98 against dollar after IMF $3bn deal

KARACHI: The rupee grew stronger Thursday against the US dollar during early trading in the back drop of approval given by the International Monetary Fund (IMF) to the stand-by arrangement (SBA).

Soon after the interbank trading started at 9:30am, the local currency gained Rs2.50 against the greenback but later settled to a Rs1.98 increase by the time this report was filed.

Thus, the US dollar was available for Rs275.50 against the Wednesday’s closing value of Rs277.48 as the previous session too had witnessed the local currency going up by 91 paisa.