US dollar strengthens against rupee amid IMF deal uncertainty

KARACHI: The US dollar on Wednesday gained value against the rupee for the second consecutive day in the interbank, following speculations over a delay in receiving the IMF loan, ARY NEWS reported.

The rupee lost Rs1.06 in the early hours today as the greenback traded at Rs208. In the open market, the US dollar traded between Rs208 and Rs210.

The rupee began its downward trend on Tuesday after it shed value in the interbank market amid unconfirmed reports suggesting a delay in the resumption of the International Monetary Fund (IMF) programme.

According to the forex dealers, the greenback gained Rs1.84 in the interbank market against rupee during intraday trading on Tuesday. The US dollar was trading at Rs206.25 against local currency at 12:25 pm.

However, in the open market, the US dollar is being sold between Rs207 to 2018.

‘It’s on track’

Finance Minister Miftah Ismail on Monday refuted reports claiming that the International Monetary Fund’s (IMF) loan programme for Pakistan had been postponed, saying there was “no truth” to it.

“I have been reading with some amusement all the tweets and stories about IMF program being postponed or delayed due to some anti-corruption law. There is no truth to it. The IMF program is on track,” he wrote in a tweet in response to a news report about IMF programme.

I have been reading with some amusement all the tweets and stories about IMF program being postponed or delayed due to some anti-corruption law. There is no truth to it. The IMF program is on track. https://t.co/6c0MNvQ0g3

— Miftah Ismail (@MiftahIsmail) July 4, 2022