The rupee strengthened against the US dollar at Rs239.65 at the inter-bank market on Friday compared with Thursday’s close of Rs239.71, according to the State Bank of Pakistan (SBP). The rupee has depreciated sharply in the past few months due to delays in the revival of the International Monetary Fund (IMF) loan programme, poor macroeconomic indicators and political uncertainty. The currency plummeted to an all-time low of Rs239.94 against the greenback on July 28, 2022. Pakistan has now received $1.2 billion in the latest loan tranche from the IMF following the resumption of its programme. It will unlock inflows from other multilateral and bilateral sources as well and improve the country’s capacity to make international payments.
Published in The Express Tribune, September 24th, 2022.
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