US dollar surges by Rs1.67, closes at 279.26 against Pakistani rupee

KARACHI: According to the State Bank of Pakistan, the US dollar demonstrated appreciation against the Pakistani rupee in the interbank market on Monday.

As per SBP, the local currency closed at 279.26, down by 0.85 per cent.

Interbank closing #ExchangeRate for today https://t.co/Szwjztp04u#SBPExchangeRate pic.twitter.com/NFuoY1Rvhq

— SBP (@StateBank_Pak) July 17, 2023

Last week, Pakistan’s sovereign dollar bonds gained by 1.7 cents after the International Monetary Fund (IMF) officially signed off a $3 billion bailout.

Read more: Pakistan dollar bonds rally after $3b IMF bailout

The $3 billion loan to be spread over nine months was much higher than anticipated.

Earlier, Pakistan was awaiting the release of the remaining $2.5 billion from a $6.5 billion bailout package agreed in 2019, which expired on June 30 before its ninth review.