Rupee's decline continues against US dollar despite IMF loan
- By Anjum Wahab -
- Sep 07, 2022
KARACHI: The US dollar on Wednesday continued its upward trajectory against rupee despite receiving a loan tranche of US$1.16 billion from the IMF, ARY NEWS reported.
According to forex dealers, the US dollar rose by Rs1.08 in the interbank against the rupee and traded at Rs222.50 while the banks are selling it at Rs222.95.
In open market, the US dollar traded between Rs232 and Rs234.
On Tuesday, the Pakistani rupee continued to lose its value for the third consecutive session, falling by Rs1.56 against the US dollar in the interbank market.
According to data shared by the State Bank of Pakistan (SBP), the local currency closed at Rs221.42 per dollar, having depreciated 0.70 per cent.
Interbank closing #ExchangeRate for todayhttps://t.co/4e2n3i6IVW pic.twitter.com/ZAb2bzXMWB
— SBP (@StateBank_Pak) September 6, 2022
The US dollar traded between Rs232 to Rs 234 in the open market, the Forex Association of Pakistan (FAP) stated.
It is pertinent to mention here that the State Bank of Pakistan confirmed that Pakistan has received a loan tranche of US$1.16 billion from the IMF.
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