KARACHI: Pakistani rupee strengthened against the US dollar, appreciating 0.37% on Thursday after the International Monetary Fund (IMF) Executive Board approved Pakistan’s new Stand-By Arrangement and UAE also deposited $1 billion.

Rupee settled at 276.46, an increase of Rs1.02, as per the State Bank of Pakistan (SBP).

On Wednesday, the value of Pakistani rupee increased further, going up 0.39% to settle at 277.48 in the inter-bank market.

Inter-bank market rates for dollar on Thursday

BID Rs 276.30

OFFER Rs 276.50

Open-market movement

In the open market, the PKR gained 1.00 rupee for both buying and selling, against USD, closing at 277.00 and 280.00, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 302.00 and 305.00 respectively.

Against UAE Dirham, the PKR lost 50 paisa for both buying selling, closing at 76.00 and 76.70, respectively.

Against Saudi Riyal, the PKR gained 20 paisa for both buying and selling, closing at 72.50 and 73.20, respectively.

Open-market rates for dollar on Thursday

BID Rs 277.00

OFFER Rs 280.00