US dollar reverses losses against rupee
- By Anjum Wahab -
- Aug 22, 2022
KARACHI: The US dollar on Monday recouped losses against rupee and gained value in the interbank despite the country inching closer to securing a loan tranche of US$1.17 billion from the International Monetary Fund (IMF), ARY NEWS reported.
According to forex dealers, the US dollar gained its value by Rs2.01 in the interbank and traded at Rs216.66.
Interbank closing #ExchangeRate for todayhttps://t.co/8dAJCDM8S3 pic.twitter.com/KDnHdBBAi4
— SBP (@StateBank_Pak) August 22, 2022
“Banks are selling the greenback at Rs217.20 while open bank’s selling remained between Rs218 and Rs220,” they said.
انٹر بینک میں ڈالر کی اونچی اُڑان جاری
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— ARY NEWS (@ARYNEWSOFFICIAL) August 22, 2022
The rupee is on a winning streak for the last two weeks with some exceptions after the IMF assured that Pakistan has fulfilled all formalities to secure a funding of US$1.17 billion.
Finance Minister Miftah Ismail on Wednesday announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).
Speaking to media in Islamabad, Miftah Ismail said that the LoI was sent to the IMF after being signed by him and acting governor of State Bank of Pakistan (SBP).
The International Monetary Fund (IMF) had agreed to the letter of intent forwarded by Pakistan. The IMF has signed the LOI sent from Pakistan and returned it to the country which will now sign it.
They said that the letter of intent was prepared by Pakistan a month back and since then IMF has been satisfied over its points and action plan.