Rupee makes sharp recovery against US dollar on IMF breakthrough
Following an agreement with the International Monetary Fund (IMF), the Pakistan rupee broke its losing streak and gained value against the US dollar in the intraday trading on Thursday.
According to forex dealers, the greenback was trading at Rs207.99 after depreciating Rs3.94 against the local currency in the interbank market by 11:00 am.
In the open market, the greenback is sold between Rs209 to Rs211.
The dollar had closed at Rs211.93 against the rupee the other day.
— SBP (@StateBank_Pak) June 22, 2022
Pakistan and International Monetary Fund (IMF) have reached a deal for the release of a US$1 billion tranche after the latter gave its nod to the budgetary adjustments for fiscal year 2022-23.
According to officials of the finance ministry, the Fund has agreed to the budgetary estimates set for the next fiscal year and the economic policies of the country.
“The IMF will soon release a handout confirming the staff level agreement between the two sides,” they said.
The rupee was under pressure over a delay in an agreement with the IMF and crossed the Rs211 mark.