Rupee strengthens against US dollar in interbank

KARACHI: The US dollar continued losing its value against rupee in the interbank today following reports of a rollover of a Chinese bank loan and issuance of MEFP from the IMF for the 7^th and 8^th review, ARY NEWS reported.

According to forex dealers, the Pakistani rupee strengthened against the US dollar by Rs0.27 and traded at Rs204.85. In the open market, the US dollar traded between Rs205 to Rs207.

Interbank closing #ExchangeRate for todayhttps://t.co/ulDZ4o9Wrs pic.twitter.com/d7iMLMqBLH

— SBP (@StateBank_Pak) June 30, 2022

The rupee on Wednesday strengthened against the US dollar after it lost its value by Rs1.67 against the Pakistani rupee and traded at Rs205.20 in the interbank. In the open market, the US dollar traded between Rs206 to Rs208.

Interbank closing #ExchangeRate for todayhttps://t.co/XD8RupZZha pic.twitter.com/7bhLikDRly

— SBP (@StateBank_Pak) June 29, 2022

Pakistan on Tuesday received the Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF) for the seventh and eighth reviews.

This was confirmed by Finance Minister Miftah Ismail on his official Twitter handle. “Early this morning, the Government of Pakistan has received a MEFP from the IMF for combined 7th and 8th reviews,” he wrote.

The MEFP is a document that contains details regarding striking a staff-level agreement.