Rupee gains ground against dollar for seventh successive sessionBreaking

August 12, 2022

The Pakistani rupee continued to strengthen against the US dollar for the seventh consecutive session during intraday trade in the interbank market on Wednesday. The market remained closed for two days — Monday and Tuesday — on account of Ashura, but as it opened today (Wednesday), the rupee gained 2.51 against the dollar and was trading at 221.49 as of 11:15am. Apart from all positive cues, the latest development that played a factor in the rupee appreciation includes the announcement that the United Arab Emirates (UAE) intends to invest $1 billion in Pakistani enterprises. Last week, the UAE said it plans to invest $1 billion in Pakistani enterprises in a variety of economic and investment areas as the country navigates a tough economic situation.

When it comes to the International Monetary Fund (IMF) programme revival, the lender Executive Board will meet on August 24 to consider Pakistan request to approve the Extended Fund Facility. But the IMF has asked Pakistan to ensure a financing gap of $4 billion as a condition for the programme  revival, which the government is trying to arrange from friendly countries. Pakistan powerful quarters have approached US officials, as well as officials from the Kingdom of Saudi Arabia and the UAE to get the necessary financial backing for the revival of the delayed IMF programme.

Independent News Pakistan-INP