Thursday, December 9, 2021

Pakistani rupee gains in early trade


KARACHI: The Pakistani rupee extended gains against the United States (US) dollar in early trade in the interbank currency market on Tuesday.

According to foreign currency dealers, the greenback is trading at Rs174.30 after depreciating Rs0.47 against the local currency in the interbank market.

Also Read: Pakistan, IMF reach staff-level agreement on revival of $6bn loan

The dollar had closed at Rs174.77 against the rupee the other day.

The local unit snapped losing streak on Monday after the International Monetary Fund (IMF) announced the resumption of the stalled $6 billion Extended Fund Facility (EFF).

It is pertinent to mention here that Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement on revival of $6 billion Extended Fund Facility (EFF) that was suspended in April this year.

Also Read: Interest rate for bank consumers on saving accounts hiked: SBP

“The Pakistani authorities and IMF staff have reached a staff-level agreement on policies and reforms needed to complete the sixth review under the EFF,” read a statement issued by the Fund.

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