Rupee gains Rs1.8 against US dollar in interbank after IMF news

KARACHI: 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, ARY News reported on Tuesday.

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

Interbank closing #ExchangeRate for todayhttps://t.co/ZcQOhfdSLR pic.twitter.com/hAkk3FCsMx

— SBP (@StateBank_Pak) August 30, 2022

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.

The economic growth rate of Pakistan in this fiscal year is expected to be 3.5 per cent, unemployment in the country is likely to be 6 percent, and government expenditure during this fiscal year are estimated at 17.1 per cent of GDP.