Tuesday, June 28, 2022

US dollar gains value against rupee


KARACHI: The rupee on Thursday shed value against US dollar after the greenback gained Rs0.24 at the start of the day in interbank, ARY NEWS reported.

According to details, the US dollar traded at Rs185.69 after it gained 24 paisas in the interbank. In open market, the forex dealers said that the US dollar traded at Rs186.75.

The rupee on Wednesday gained value against US dollar at the start of the day in interbank with greenback trading at Rs185.45.

According to details, the rupee strengthened in the interbank by Rs0.17 and the dollar traded at Rs185.45. In open market, the US dollar traded at Rs186.50.

The upward trajectory in rupee has been witnessed after Finance Minister Miftah Ismail on Sunday agreed with International Monetary Funds’ (IMF) recommendations to reduce fuel subsidies phase-wise in exchange for the release of a US$1 billion tranche.

Miftah Ismail held a meeting with the executive directors of the International Monetary Fund (IMF) in Washington for the revival of the Extended Fund Facility (EFF) programme.

Sources say that the finance minister hinted to carry forward the IMF program and agreed to curb subsidies on the fuel and electricity phase-wise.


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