US dollar continues slide against rupee

KARACHI: The US dollar on Friday continued its downward slide in the interbank against the rupee, following the release of MEFP from the IMF for the seventh and eighth reviews, ARY NEWS reported.

According to forex dealers, the US dollar shed Rs0.45 against rupee in the interbank and traded at Rs204.40. In the open market, the greenback traded between Rs205 and Rs207.

Yesterday, the Pakistani rupee strengthened against the US dollar by Rs0.27 and traded at Rs204.85. In the open market, the US dollar traded between Rs205 to Rs207.

Interbank closing #ExchangeRate for todayhttps://t.co/ulDZ4o9Wrs pic.twitter.com/d7iMLMqBLH

— SBP (@StateBank_Pak) June 30, 2022

Pakistan on Tuesday received the Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF) for the seventh and eighth reviews.

This was confirmed by Finance Minister Miftah Ismail on his official Twitter handle. “Early this morning, the Government of Pakistan has received a MEFP from the IMF for combined 7th and 8th reviews,” he wrote.

The MEFP is a document that contains details regarding striking a staff-level agreement.