Rupee recoups losses against US dollar

KARACHI: The rupee continued appreciation against US dollar on Thursday on the back of hopes for the release of a US$1.17 billion loan tranche from the IMF, ARY NEWS reported.  

The rupee’s flight was halted for a day on Wednesday and it started the day on Thursday negatively, however, it was able to gain Rs0.39 in the early day trade in interbank to be sold at Rs214.49.

The banks are selling the greenback at Rs215.50 while, the forex dealers said that it is being sold between Rs216 and Rs218 in the open market.

Interbank closing #ExchangeRate for todayhttps://t.co/DeViqUYec1 pic.twitter.com/iliEnqrqEy

— SBP (@StateBank_Pak) August 17, 2022

The US dollar continued declining trend after developments over release of a US$1.17 billion tranche from the IMF expedited.

Finance Minister Miftah Ismail on Wednesday 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).

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.