The US dollar strengthened by 12 paisas in early interbank trading on Thursday, continuing its recent upward trend against the Pakistani rupee.
The rupee fell yesterday, most likely because there are still about ten days until the IMF board meeting, which will be held at the end of the month, and decide whether to renew Pakistan’s loan programme.
The US dollar increased marginally against the Pakistani rupee in the morning, the forex dealers reported and was currently trading at Rs215.
The US dollar gained 98 paisas on Wednesday, increasing its value to Rs214.88 at the day’s end.
As sources in the Ministry of Finance have confirmed that all barriers to the loan revival agreement between Pakistan and the IMF have been removed, the Pakistani rupee is anticipated to perform significantly better in the coming days.
The Pakistani government sent a letter of acceptance to the IMF on Monday, according to the Ministry of Finance.
The IMF will now review the information presented by Pakistan at its board meeting and release the $1 billion tranche, according to the finance ministry.
The Federal Minister for Finance and Acting Governor of the State Bank of Pakistan (SBP) will sign the final version following the IMF board’s review.
The IMF Executive Board meeting is anticipated to take place on August 29, 2022, according to the sources who spoke with the TV station.
Interbank closing #ExchangeRate for todayhttps://t.co/DeViqUYec1 pic.twitter.com/iliEnqrqEy
— SBP (@StateBank_Pak) August 17, 2022
