The US dollar on Thursday slumped by 37 paisas in the interbank trading after reaping a sizeable gain a day earlier against Pakistani rupee, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the US dollar was busted today and gave way to the Pakistani rupee to appreciate by 37 paisas as the dollar was settled at Rs277.04 towards the end in the interbank. Earlier in the day, the local unit was surged by Re1 against the greenback and was traded at Rs276.40.
https://twitter.com/StateBank_Pak/status/1676909233063989250
Yesterday, the USD made a significant comeback by gaining Rs1.97 in its value after a heavy drubbing a day earlier at the hands of the local unit which was appreciated by 3.83%. The resurged greenback was, however, settled at Rs277.41 on Wednesday.
https://twitter.com/StateBank_Pak/status/1676552938511298563
Since the announcement by the International Monetary Fund on Friday regarding $3 billion Stand-By Arrangement facility for Pakistan, the money market has been responding positively and the stock market staying bullish.
Prime Minister Shehbaz Sharif on Wednesday expressed the hope that the $3 billion short-term bailout for the country would be given final approval by the IMF board when it meets on July 12 and vowed to fulfil all commitments made to the global lender.
In a statement to the Bloomberg on Thursday, the Washington-based lender confirmed that the IMF Executive Board meeting to consider a $3 billion loan program for Pakistan will be held on July 12.
“The IMF team has reached a Staff-Level Agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 percent of Pakistan’s IMF quota),” Mr. Nathan Porter who led the IMF staff team said in a statement.
On the other hand, there is a good news for the Pakistani exports which have been shrinking for the past several months. The European Union is proposing to extend the current Generalised Scheme of Preference (GSP) for an additional four years as it is set to expire in 2023, as shown in a tweet by EU Trade.
The GSP Regulation removes import duties on products imported to the EU from vulnerable developing countries and contributes to poverty eradication. The GSP supports 65 countries across the globe including Pakistan.
https://twitter.com/Trade_EU/status/1676199556239835136
Reporter Ashraf Khan