Rupee maintains rising trend, reaches 215.49

Currency improves over likely resumption of IMF programme

KARACHI:

Pakistani currency maintained the winning streak for the ninth consecutive working day, as it recovered a further 1.57%, or Rs3.39, to close at Rs215.49 against the US dollar in the inter-bank market on Friday.

The domestic currency continued to regain ground against the greenback after the government reported the receipt of Letter of Intent (LoI) from the International Monetary Fund (IMF) for the revival of its loan programme worth $7 billion.

With the latest recovery, the rupee has cumulatively gained over 10% or Rs24.45 in the past nine working days.

Earlier, the country won a staff-level agreement with the IMF on July 13. The executive board of the lender is scheduled to approve release of the next loan tranche worth $1.2 billion on August 29, 2022.

The resumption of the loan programme would agree other multilateral and bilateral creditors and friendly countries to unlock foreign financing to Pakistan.

Earlier, Finance Minister Miftah Ismail said Pakistan had fully arranged foreign financing required during the ongoing current fiscal year 2023 worth around $41 billion.

Published in The Express Tribune, August 13^th, 2022.

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