Pakistani rupee gains more strength against US dollar

By: News Desk
Published: 10:37 AM, 4 Feb, 2022
Pakistani rupee gains more strength against US dollar
Caption: File photo.
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As the IMF loan progrmame is back on track, the rupee seems gaining strength day by day. The US dollar on Friday again lost 92 paisas in the interbank trading, reported 24NewsHD TV channel.

The exchange rate improved as Pakistan gets $1 billion tranche from the international lender on Feb 2. The greenback on Friday fell below the Rs175 barrier and is being traded at Rs174.60 in interbank trading. 

Yesterday, the rupee rose 89 paisas against the US dollar which was the biggest rise since December 31. 

Federal Finance Minister Shaukat Tarin took to social media on Wednesday to share the IMF Board news. "I am pleased to announce that IMF Board has approved 6th tranche of their programme for Pakistan," Tarin tweeted.

In its press release, the IMF stated on Thursday that economic activity was rebounded strongly from the first waves of the ongoing COVID-19 pandemic, however, pressures also started to build, reflected in a widening current account deficit and rising inflationary pressures. The authorities’ recent economic and financial policy efforts were appropriate to safeguard macroeconomic stability and debt sustainability.

The Fund observed that Pakistan entered the COVID-19 pandemic with strengthened buffers, following the approved EFF programme. A strong economic recovery has gained hold since summer 2020, benefiting from the authorities’ multifaceted policy response to the unprecedented shock. At the same time, external pressures also started to emerge in 2021, including a widening current account deficit and depreciation pressures on the exchange rate which also reinforced domestic price pressures.

Reporter Habib Khan