KARACHI: The US dollar rate in Pakistan on Friday (Jan 12) witnessed Re0.75 decline against the Pakistani rupee and settled at Rs280.36 in the inter-bank market on Friday.

On Thursday, the rupee remained largely flat to settle at 281.11 against the US dollar.

In a key development, the Executive Board of the International Monetary Fund (IMF) completed the first review of Pakistan’s economic reform programme supported by the IMF’s SBA on Thursday.

The Board’s decision allows for an immediate disbursement of SDR 528 million (around $700 million), bringing total disbursements under the arrangement to SDR 1.422 billion (about $1.9 billion).

Meanwhile, the foreign exchange reserves held by the State Bank of Pakistan stand at $8.15 billion as of January 5, but are set to get a boost.

Globally, the US dollar held steady against peer currencies on Friday, as investors weighed higher-than-expected US consumer price inflation against market bets that the Federal Reserve will cut rates as soon as March.