Monday, September 26, 2022

US dollar continues losing streak against rupee

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KARACHI: US dollar’s slide against rupee in the interbank and open market continued unabated on Monday, after Pakistan has inched closer for receiving a tranche of US$1.17 billion from the International Monetary Fund (IMF), ARY NEWS reported.

According to forex dealers, the dollar shed Rs2.49 in the interbank to trade at Rs213 while the banks are selling the greenback at Rs212.

In open market, the US dollar lost Rs2 and traded between Rs212 and Rs213.

The Pakistani rupee on Friday gained Rs 4.38 against the US dollar in interbank trading, while the banks are selling the US dollar at Rs215, forex dealers said.

In open market, the dollar declined by Rs2 and traded between Rs212 to Rs213. The US dollar shed Rs4.38 in the interbank today and traded at Rs214.50.

The rupee got its strength amid an assurance from the IMF for the release of a USD1.17 billion tranche.

On August 02, the International Monetary Fund (IMF) confirmed that Pakistan has achieved all the set targets for the revival of Extended Fund Facility (EFF) programme.

Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending levy on petrol.

Ruiz said the 7th and 8th reviews have been completed and the Fund’s Executive Board will meet in the third week of August.

On July 14, the International Monetary Fund (IMF) and Pakistan reached a staff-level agreement for the release of US$1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).

statement issued by the Fund said that the agreement is subject to approval by the IMF’s Executive Board.

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