- Closes at 176.68 on Monday
Pakistan's rupee remained stable in the inter-bank market on Monday, closing at 176.68 against the US dollar.
As per the State Bank of Pakistan (SBP), the rupee closed at 176.68 after a day-on-day depreciation of one paisa or 0.01%, compared to Friday when the currency appreciated 0.14%.
Last month, the PKR had closed at its all-time record low of 178.24 against the US dollar before appreciating the following two days to end the year at 176.51.
On Monday, Pakistan' finance ministry confirmed that the International Monetary Fund (IMF) has agreed to its request to reschedule the sixth review of the $6-billion Extended Fund Facility (EFF), after earlier stating that it would be held on January 12.
Completion of the review would make available SDR 750 million (about $1,059 million), bringing total disbursements under the EFF to about $3,027 million.
The development is likely to bring stability to Pakistan's currency market.
Internationally, US dollar started the week with support as traders bet US inflation data and appearances from several Federal Reserve officials would bolster the case for higher interest rates.
After dipping on Friday, the greenback rose 0.2% on the euro in the Asia session, climbing back above its 200-day moving average to $1.1338. It firmed 0.2% on the yen to 115.79, close to last week's five-year high of 116.35.
Inter-bank market rates for dollar on Monday
BID Rs 176.65
OFFER Rs 176.75
In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 178.50 and 179.50, respectively.
Against Euro, the PKR lost 30 paisas for buying and 50 paisas for selling, closing at 200 and 202, respectively.
Against UAE Dirham, the PKR gained 30 paisas for buying and 20 paisas for selling, closing at 49.20 and 49.70, respectively.
Against Saudi Riyal, the PKR lost 20 paisas for both buying and selling, closing at 47.10 and 47.50, respectively.
Open-market rates for dollar on Monday
BID Rs 178.50
OFFER Rs 179.50