Rupee continues upward trend against dollar in interbankBreaking

August 31, 2022

The Pakistani rupee continued to recover in the interbank market, extending its gains against the US dollar for the second consecutive session on Wednesday. According to details, the local currency was trading at Rs 218.50 after gaining 1.60 against US dollar around 9:50am in interbank market. Meanwhile, the US dollar was being traded at Rs220 to Rs222 in open market. A day earlier, the Pakistani rupee jumped by Rs1.80 against the US dollar in the interbank market after the International Monetary Fund (IMF) revived the much-awaited bailout programme. Data shared by the State Bank of Pakistan (SBP) stated that the Pakistani rupee closed at Rs220.12 after gaining Rs1.80 against the US dollar, up 0.82 percent. The rupee’s recovery comes after the International Monetary Fund (IMF) approved the seventh and eighth reviews of Pakistan’s Extended Fund Facility Programme (EFF). The Fund in a press release announced that the executive board completed the combined seventh and eighth reviews of the “extended arrangement” under the Extended Fund Facility (EFF) for Pakistan. “The board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about US$3.9 billion,” the statement read.

Credit: Independent News Pakistan-INP