Progress on talks with IMF see rupee appreciate

Progress made in talks with the visiting delegation of the International Monetary Fund (IMF) in Islamabad saw the rupee appreciate by 0.46% on Monday.

Data released by the State Bank of Pakistan (SBP) on the first day of the week showed that the rupee, which had closed last week at an all time high of Rs276.58, climbed down slightly on Monday.

On Monday, it fell by Rs1.28 to the level of Rs275.30.

This is the second pause that the rupee has witnessed in a spell of constantly rising value ever since caps placed on it by the government were removed.

Last week, the rupee had gained Rs1.74, appreciating from Rs269.63 to Rs267.89.

Open market

In the open market, the dollar continued to increase in value, gaining another rupee to rise to Rs281, its highest ever value.

Last week, the dollar had soared to an all time high value of Rs280 in the open market.