Following the announcement of a deal with the International Monetary Fund (IMF), the Pakistani rupee surged to a record 16 paisas against the US dollar in interbank trading, reaching Rs278.25. Subsequently, the US dollar experienced a 23 paisas devaluation, closing at Rs278.41 in interbank trade, while in the open market, it settled at Rs281.12. Successful talks between Pakistan and the IMF culminated in a staff-level agreement on the second and final review under the standby arrangement, pending approval by the IMF’s Executive Board. Upon approval, Pakistan is slated to receive the last installment of $1.1 billion, marking the culmination of the $3 billion loan agreement. The IMF has commended Pakistan’s economic initiatives amidst the pending expiration of the current standby arrangement.