Rupee slightly appreciates against US dollar

KARACHI: The US dollar is trading in the interbank today at 286.70 Pakistani rupees after the local currency closed last night at 286.98, according to the State Bank of Pakistan.

The Karachi Stock Exchange Index 100 has also seen an increase of 130 points, trading at 40, 351 rupees.

According to the Prime Minister’s Office, PM Shehbaz Sharif outlined steps taken by the government for economic growth and stability in his meeting with the International Monetary Fund (IMF) managing director on Thursday.

He still hopes for the release of the pending 1.2 billion dollars under the lender’s Extended Fund Facility (EFF), which expires in less than 10 days on June 30. It was delayed due to Pakistan being unable to meet IMF’s prerequisite demands on external funding.

If funds are released, the PM said, “this would help strengthen Pakistan’s ongoing efforts towards economic stabilisation and bring relief to its people.”