KARACHI: The rupee on Wednesday strengthened against the US dollar after Pakistan received a rollover of Chinese bank loans and MEFP from the IMF for the 7th and 8th reviews, ARY NEWS reported.
According to details, the US dollar lost its value by Rs1.67 against the rupee and traded at Rs205.20 in the interbank. In the open market, the US dollar traded between Rs206 to Rs208.
The Pakistani rupee also extended gains against the US dollar in the interbank market on Tuesday.
According to State Bank of Pakistan (SBP), the local currency closed at 206.87 after appreciating Rs1.07 against the greenback in interbank
In the open market, however, the greenback is sold between Rs207 to Rs209.
Interbank closing #ExchangeRate for todayhttps://t.co/BxztniOacU pic.twitter.com/CrkVMQu4D6
— SBP (@StateBank_Pak) June 28, 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.
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The MEFP is a document that contains details regarding striking a staff-level agreement.
