The US dollar did not take long to flex its muscles and thrashed the Pakistani rupee, resuming its upward journey by again smashing the Rs175 barrier in interbank trading on Thursday, reported 24NewsHD TV channel.
The world’s most powerful currency was on the receiving end during the last few days but hit back with a 26-paisa gain.
According to the forex dealers, the greenback was now trading at Rs175.15 after the fresh gain up from Rs174.89, its closing rate on Wednesday.
Interbank closing #ExchangeRate for today: https://t.co/8wat83XUBk pic.twitter.com/kreBcr1Dwt
— SBP (@StateBank_Pak) February 9, 2022
The rate of US dollar which was galloping high rapidly before the release of IMF’s erstwhile stalled $1 billion tranche but stopped after the loan programme was revived a few days back has once again halted the Pakistani rupee’s onslaught.
The International Monetary Fund's Executive Board on Feb 2 approved the 6th tranche for Pakistan. The IMF Board met in Washington to take up Pakistan’s request for the completion of the sixth review and releaseof a $1 billion tranche under the Extended Fund Facility (EFF).
In order to meet IMF condition, the government had successfully managed to get the State Bank (Amendment) Bill, 2021, cleared from the Upper House of Parliament - which was the last stumbling block in reviving the stalled programme.
The conditions which the government has to meet include complete implementation of the FATF action plan and establish a system of disclosure of assets on a priority basis.