KARACHI: It seems that the euphoria over the International Monetary Fund (IMF) Stand-By Arrangement of $3 billion fizzled out as the dollar appreciated despite a significant improvement in inflows.

The State Bank of Pakistan (SBP) reported the closing price of the dollar on Friday at Rs277.59 in the interbank, showing an appreciation of Rs1.13 from the previous day’s closing.

The inflows from the IMF, Saudi Arabia and the United Arab Emirates had changed the sentiments during the early days of this week but the dollar’s appreciation on Friday indicated return of dollar domination.

The foreign exchange reserves of the SBP increased by $4.2bn due to new inflows, making the total reserves of the country as $8.7bn.

The improvement, which provided strength to the local currency for few days, could not last even a week. The government’s commitment with the IMF for free exchange rate was felt in the market.

In the open market, the dollar traded Rs1.50 higher than the previous day. Exchange companies reported that the dollar closed at Rs281, but they maintained that the trading was thin due to lack of demand.

Published in Dawn, July 15th, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...