Pakistani rupee gains strength as IMF loan eases pressure

KARACHI: After receiving the first tranche from the International Monetary Fund (IMF), the Pakistani rupee (PKR) showed signs of recovery against the US Dollar, ARY News reported on Saturday.

According to the weekly report from the currency market, the Pakistani rupee (PKR) strengthened against the USD following the approval and receiving of the first tranche of the IMF loan, amounting to $1.02 billion.

During the week, the US dollar dropped by 12 paise, closing at Rs 277.52 in the interbank trade, while in the open market, it fell by 31 paise, bringing it below Rs 280.

The euro also declined by Rs 3.89, closing at Rs 307.22, and the British pound fell by Rs 6.51 to Rs 366.71, while the UAE dirham stood at Rs 76.08 while the Saudi Riyal remained unchanged at Rs 74.28.

The State Bank of Pakistan (SBP) reported an increase in reserves following the first IMF loan tranche of $1.02 billion.

The country’s total reserves surged to $15.98 billion, the highest since 24 June 2022, while the central bank’s reserves rose to $10.7 billion, their highest since April 2022.