Pakistani rupee loses ground against US dollar
- By Web Desk -
- Jul 14, 2023
KARACHI: After registering gains for two consecutive sessions, the Pakistani rupee on Friday depreciated against the US dollar in the interbank market, according to the State Bank of Pakistan (SBP) data.
According to the central bank, the USD gained Rs1.33 against the local unit to close at 279.59. The US dollar closed at Rs276.46 the other day.
Meanwhile, the dollar is being sold at Rs280 in the open market. The Pakistani rupee had gained over Rs10 in past week since the approval of IMF loan programme.
Interbank closing #ExchangeRate for today https://t.co/5WFYX9KIT1#SBPExchangeRate pic.twitter.com/LiGgnehK6D
— SBP (@StateBank_Pak) July 14, 2023
Pakistan on Thursday received the first tranche of $1.2 billion from the International Monetary Fund under the SBA programme.
Read more: Pakistan receives first tranche of $1.2bln from IMF
Dar said the remaining $1.8 would be released after two reviews, meaning that there would be two instalments.
Earlier on Wednesday, the International Monetary Fund (IMF) approved a $3 billion loan for Pakistan after signing the staff-level agreement last month.