Dollar continues downward slide against rupee

KARACHI: The US dollar on Wednesday continued to shed value against rupee after the banks and exchange markets opened after a long weekend, ARY NEWS reported.

According to forex dealers, the greenback shed Rs2.13 in the interbank and traded at Rs221.91 while the banks are selling the US dollar at Rs222.75.

In open market, the dollar declined by Rs2 and traded between Rs218 and Rs220.

Interbank closing #ExchangeRate for todayhttps://t.co/1VfwN2usix pic.twitter.com/PvhUahHzDa

— SBP (@StateBank_Pak) August 10, 2022

On Friday, the US dollar continued its downward slide on the fifth consecutive day against the rupee with the greenback shedding around Rs16 in a week in the interbank amid assurance from the IMF for the release of a USD1.17 billion tranche.

In the interbank today, the US dollar shed Rs2.11 to trade at Rs224.04 while banks, according to forex dealers, are selling the greenback at Rs225.50.

In the open market, the dollar traded between Rs220 and Rs222.

The International Monetary Fund (IMF) has confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) programme.

Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.

Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.

Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.