KARACHI: The rupee was a little changed against the dollar in the interbank market on Tuesday.The rupee closed at 280.4 per dollar, compared with the previous closing value of 280.41.
In the open market, the rupee stayed flat against the dollar. It finished at 281.45 versus the greenback, unchanged from the previous close.The local unit remained stable as inflows in the shape of dollar conversions from exporters and remittances helped meet importer demand. Furthermore, the approval of the next loan tranche from the International Monetary Fund (IMF) for Pakistan boosted investor sentiment.
“The week begins on a strong macro footing as the IMF Executive Board has approved Pakistan’s next loan tranche, with disbursements expected shortly,” said Chase Securities in a note. “This development provides a significant boost to macro stability expectations and strengthens investor confidence,” it added.
On Monday, the IMF executive board approved the second review for Pakistan under the Extended Funded Facility (EFF) and the first review of the Resilience and Sustainability Facility (RSF); both will release funds of $1.2 billion. This will take the total disbursement by the IMF under both programmes to Pakistan to $3.3 billion.
