Rupee recoups losses against US dollar in interbank

KARACHI: The rupee on Thursday recoup losses against US dollar during the early day trade in the interbank after two days of minor gains by the greenback, ARY NEWS reported.

According to forex dealers, the dollar shed Rs0.25 against rupee to trade at Rs214.70 in the interbank as the banks are selling the greenback at Rs215.20.

In open market, the forex dealers said, the US dollar is being sold between Rs215 and Rs217.

Interbank closing #ExchangeRate for todayhttps://t.co/yVOdH375zN pic.twitter.com/XiSd7F6EeP

— SBP (@StateBank_Pak) August 18, 2022

The rupee is on a winning streak for the last two weeks with some exceptions after the IMF assured that Pakistan has fulfilled all formalities to secure a funding of US$1.17 billion.

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.