Saturday, August 20, 2022

Rupee strengthens against US dollar in interbank

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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 7th and 8th 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.


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.


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.

Read More: PAKISTAN GETS $3.68B DEBT RELIEF FROM G-20 COUNTRIES

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

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