Rupee gains in interbank against US dollar

KARACHI: After days of gains, the US dollar on Monday depreciated against rupee by Rs0.70 in interbank, following reports of a successful negotiation with IMF for the release of US$1 billion tranche, ARY NEWS reported.

According to details, the dollar traded at Rs186.05 today in the interbank at the start of the day against the Rs186.75 mark when it closed on Friday.

Interbank closing #ExchangeRate for todayhttps://t.co/RTxtLwf3G5 pic.twitter.com/8VR6qNVGkE

— SBP (@StateBank_Pak) April 23, 2022

Finance Minister Miftah Ismail on Sunday agreed with International Monetary Funds’ (IMF) recommendations to reduce fuel subsidies phase-wise.

Miftah Ismail held a meeting with the executive directors of the International Monetary Fund (IMF) in Washington for the revival of the Extended Fund Facility (EFF) programme.

Sources sy that the finance minister hinted to carry forward the IMF program and agreed to curb subsidies on the fuel and electricity phase-wise.

Read More: PAKISTANI RUPEE SLIPS AGAINST US DOLLAR

Meanwhile, the IMF said it has no objection to the Income Support Programme and added Pakistan can continue subsidies for the marginalised section of the society.

The IMF has also shown its consent to the continuation of the Sehat Card scheme, the sources said.