Pakistani rupee continues to recover against US dollar

KARACHI: The Pakistani Rupee (PKR) continues upward trend against the US dollar in the interbank foreign exchange market on Tuesday, ARY News reported, quoting SBP.

According to the State Bank of Pakistan report, the PKR gained Rs0.072 against the greenback in the interbank market to close at Rs 285.99.

The local unit closed at Rs286.71 the other day.

Meanwhile, the dollar is being sold at over Rs290 in the open market.

Interbank closing #ExchangeRate for today https://t.co/LMMCkpDTXi#SBPExchangeRate pic.twitter.com/QHHi3Tj0nM

— SBP (@StateBank_Pak) June 27, 2023

Experts believe the surge dollar rate was witnessed after the government fulfilled all conditions of lMF.

Earlier today, Prime Minister Shehbaz Sharif made his fourth contact with International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva in six days.

Pakistan’s ninth review by the IMF under the 2019 Extended Fund Facility (EFF) for the release of a $1.2bn funds is still pending with just 3 days remaining the programme’s expiry on June 30.

In a telephonic conversation, Prime Minister Muhammad Shehbaz Sharif has expressed the confidence that understanding on International Monetary Fund programme will shape into a final decision by the lender within a couple of days.

He expressed these views during a telephonic conversation with Managing Director IMF, Kristalina Georgieva.

The premier also expressed the resolve to achieve the goals for improving economic condition of the country in collaboration with the Bank, a handout released by the Prime Minister’s Office (PMO) said.

Speaking on this occasion, the Managing Director IMF acknowledged efforts of the Finance Minister and his team for completing the IMF programme in the wake of her recent meetings with Prime Minister Shehbaz Sharif in Paris.

“We want positive improvement in the economic situation of Pakistan,” the IMF MD told the prime minister while lauding his leadership qualities.