Monday, October 3, 2022

Rupee to rise further against US dollar: Shaukat Tarin

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BEIJING: Finance Minister Shaukat Tarin said on Saturday the Pakistani rupee staged a sharp recovery against the United States (US) dollar after the International Monetary Fund (IMF) approved a $1 billion loan tranche.

Speaking to state-run TV channel in Beijing where he arrived on Friday as part of a high-level delegation accompanying Prime Minister Imran Khan during his four-day official visit, the minister said the domestic currency started strengthening against the dollar following the approval of the loan tranche by the Fund.

Also Read: Rupee posts biggest single-day gain against US dollar

Shaukat Tarin predicted that the rupee would continue to recover in the days to come, adding that he has been warning elements who were involved in the speculative trade and hoarding of the dollar that the rupee would move the other side.

The rupee jumped 0.60 per cent against the US dollar in the interbank market on the last working day of the week i.e. Friday. The local unit rose Rs1.04 paisas against the greenback, which is the biggest single-day rise since November 17.

Also Read: IMF okays $1bn loan tranche for Pakistan

The State Bank of Pakistan (SBP) received a $1.053 billion loan tranche from the International Monetary Fund (IMF) the other day. “Following the successful completion of the 6th review of the IMF program, #SBP has received the next tranche of $1.053 billion,” the central bank tweeted.

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