The rupee continued its upward trend versus the US dollar, closing below 278 for the first time in more than five months.
In the interbank market, the local currency gained 0.05% against the US dollar, closing at 277.91. This is a gain of Re0.13 from the previous day’s closing. The State Bank of Pakistan said that the rupee had settled at 278.04 on Wednesday.
On April 9, 2024, the rupee last closed below 278.
Market observers are focusing on the September 25 International Monetary Fund Executive Board meeting, where Pakistan’s $7 billion, 37-month Extended Fund Facility is scheduled to be discussed.
