Monday, September 26, 2022

Rupee continues winning streak against US dollar

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KARACHI: Pakistani rupee continues its upward trend against US dollar in the interbank and open market continued unabated on Tuesday after Pakistan inched closer to receiving a tranche of US$1.17 billion from the International Monetary Fund (IMF).

According to forex dealers, the dollar shed Rs1.51 in the interbank to trade at Rs212.47 while the banks are selling the greenback at Rs213.59.

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

The dollar is going down after the news of Pakistan getting close to clinching IMF tranche.

Read more: PAKISTAN INCHES CLOSER TO RECEIVE US$1.17 BN FROM IMF

In a major development for the release of US$1.17 billion tranche, the International Monetary Fund (IMF) had agreed to the letter of intent forwarded by Pakistan.

According to sources privy to the development, the IMF has signed the LOI sent from Pakistan and returned it to the country which will now sign it.

“Pakistan will sent back the signed LOI to the IMF today,” they said adding that the letter of intent was prepared by Pakistan a month back and since then IMF has been satisfied over its points and action plan.

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