Rupee strengthens against US dollar as SBP receives IMF loan

KARACHI: The rupee strengthened against the US dollar on Thursday after the State Bank of Pakistan confirmed received the loan tranche of US$1.16 billion from the IMF in the treasury, ARY NEWS reported.

According to the SBP, the US dollar shed value by Rs0.15 against rupee and traded at Rs218.60 while forex dealers said that the banks sold the greenback at Rs219.

Interbank closing #ExchangeRate for todayhttps://t.co/X4nH3Yanbp pic.twitter.com/eXpb0sM2d3

— SBP (@StateBank_Pak) September 1, 2022

In open market, the US dollar traded between Rs217 and Rs219.

2/2 This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources.

— SBP (@StateBank_Pak) August 31, 2022

On August 31, the Pakistani rupee continued its upward trajectory and gained Rs1.37 against the US dollar, bringing the interbank rate down to Rs219.75.

According to the data shared by the State Bank of Pakistan (SBP), the Pakistani rupee closed at Rs219.75 after gaining Rs1.37 against the greenback, up 0.63 percent.

In the open market, the greenback was being sold at Rs219 to Rs221, according to data shared by the Forex Association of Pakistan (FAP).

Interbank closing #ExchangeRate for todayhttps://t.co/t0q5QjmALJ pic.twitter.com/xtRfnLy2Ca

— SBP (@StateBank_Pak) August 31, 2022