Rupee continues slide against US dollar

KARACHI: The rupee’s slide against US dollar continued in the interbank on Wednesday with the greenback trading at Rs219, ARY NEWS reported.

According to forex dealers, the greenback saw an Rs1.03 hike in interbank and traded at Rs219.41 while the banks are selling it at Rs219.90. In open market, the US dollar traded between Rs226 and Rs228.

On Wednesday, the State Bank of Pakistan said the greenback traded at Rs218.38 in interbank after a hike in value by Rs0.72 while the banks sold it at Rs219.

Interbank closing #ExchangeRate for todayhttps://t.co/TN9mS4PdX8 pic.twitter.com/C2vLGnHtj0

— SBP (@StateBank_Pak) August 24, 2022

In open market, the US dollar traded between Rs225 and Rs227.

The rupee remained on a winning streak for the last two weeks with some exceptions after the IMF assured that Pakistan has fulfilled all formalities to secure a funding of US$1.17 billion.

Finance Minister Miftah Ismail also announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).

Speaking to media in Islamabad, Miftah Ismail said that the LoI was sent to the    IMF after being signed by him and acting governor of State Bank of Pakistan (SBP).

Read More: PAKISTAN’S CURRENT ACCOUNT DEFICIT SHRINKS TO $1.2BN IN JULY

The International Monetary Fund (IMF) had agreed to the letter of intent forwarded by Pakistan. The IMF has signed the LOI sent from Pakistan and returned it to the country which will now sign it.

They said that the letter of intent was prepared by Pakistan a month back and since then IMF has been satisfied over its points and action plan.