Rupee continues recovery against dollar, gains Rs1.37 in interbank

KARACHI: The Pakistani rupee continued its upward trajectory and gained Rs1.37 against the US dollar, bringing the interbank rate down to Rs219.75, ARY News reported on Wednesday.

According to the data shared by the State Bank of Pakistan (SBP), the Pakistani rupee closed at Rs219.75 after gaining Rs1.37 against the US dollar, up 0.63 percent.

In the open market, the dollar was being sold at Rs219 to Rs221, according to data shared by the Forex Association of Pakistan (FAP).

Interbank closing #ExchangeRate for todayhttps://t.co/t0q5QjmALJ pic.twitter.com/xtRfnLy2Ca

— SBP (@StateBank_Pak) August 31, 2022

A day earlier, the Pakistani rupee jumped by Rs1.80 against the US dollar in the interbank market after the International Monetary Fund (IMF) revived the much-awaited bailout programme.

Data shared by the State Bank of Pakistan (SBP) stated that the Pakistani rupee closed at Rs220.12 after gaining Rs1.80 against the US dollar, up 0.82 percent.

The rupee’s recovery comes after the International Monetary Fund (IMF) approved the seventh and eighth reviews of Pakistan’s Extended Fund Facility Programme (EFF).

The Fund in a press release announced that the executive board completed the combined seventh and eighth reviews of the “extended arrangement” under the Extended Fund Facility (EFF) for Pakistan.

“The board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about US$3.9 billion,” the statement read.