Rupee makes modest gains after staff-level agreement with IMF

KARACHI: The rupee on Thursday strengthened against the US dollar in the interbank on the back of a staff-level agreement with IMF for the release of US$1.17 billion, ARY NEWS reported.

In the interbank, the greenback shed value by Rs0.30 and traded at Rs209.80 as experts believe that further foreign inflows will strengthen the rupee. In the open market, the US dollar traded between Rs209 and Rs210.


On Wednesday, the US dollar gained value against the rupee in the first session after Eidul Adha holidays in the interbank market. According to the forex dealers, the Pakistani rupee lost Rs0.54 in the early hours as the greenback traded at Rs208.45.

In the open market, the US dollar is sold between Rs208 and Rs210.

Pakistan, IMF reach staff-level agreement

The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement for the release of US$1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).

statement issued by the Fund said that the agreement is subject to approval by the IMF’s Executive Board.

“Additionally, in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion.”

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