Karachi: Rupee maintained its positive momentum for third successive session against dollar, appreciating 0.02 percent. As per State Bank of Pakistan (SBP), rupee settled at 277.87 against greenback, an increase of 0.05 paisa in inter-bank market.

Positive momentum comes after currency settled at 277.92, an appreciation of 0.19 percent against after Pakistan’s foreign exchange reserve position improved.

Pakistan’s central bank last week received $ 500 million from Industrial and Commercial Bank of China (ICBC), first of three disbursements that were approved for rollover. In key development, Executive Board of International Monetary Fund agreed to temporarily increase limits on members’ annual and cumulative access to Fund resources in General Resources Account (GRA). US dollar was tentative ahead of testimony by US Federal Reserve chair Jerome Powell.

Meanwhile, US dollar index, which measures it against six major rivals, fell 0.077 percent to 104.170, having slipped 0.26 percent overnight.

Published in The Daily National Courier, March, 08 2023

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