Daily Times

The rupee stayed on course against the US dollar as business resumed in the interbank market on Monday after long Eid break. As per the information obtained from the forex dealers, the local currency appreciated by 16 paisas against the greenback and was currently being traded at Rs277.78. On the last business day before Eid, the Pakistani rupee had remained largely stable against the US dollar, settling at Rs277.93 on Tuesday. In a key development, Pakistan’s economic team led by Finance Minister Muhammad Aurangzeb had left for Washington on Sunday to hold talks with the International Monetary Fund (IMF) for a new bailout programme. Talks between Pakistan and the IMF are scheduled for this week in Washington, wherein the government team will request the Fund for approval of a new loan programme. The main ministerial meetings and events will be held from April 17-19.