US dollar turns the tide against Pakistani rupee

Gains another five paisas as rupee’s losing streak resumes

By: News Desk
Published: 11:17 AM, 14 Oct, 2022
US dollar turns the tide against Pakistani rupee
Caption: Representational image.
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While continuing its slow—but gradual—upward march against the Pakistani rupee, the US dollar appreciated by five paisas to Rs218.43 at the start of interbank trading on Friday, reported 24NewsHD TV channel.

It appears from the latest trends in the interbank market that the greenback—slowly and gradually—is recovering its recent losses to the Pakistani currency.

The greenback ended the day at Rs218.43.

Yesterday, the US dollar closed the day at Rs218.38.

After gaining over Rs22 against the US dollar in the interbank market during the past many sessions, the Pakistani rupee seems to have resumed its losing streak.

The development came as Finance Minister Ishaq Dar had held a series of meetings with senior World Bank and IMF officials in Washington.

Ishaq Dar Thursday held meetings with International Monetary Fund (IMF) and World Bank (WB) officials in Washington and declared his sittings with them very productive.

Ishaq Dar along with his delegation met IMF Deputy Managing Director of the IMF Antoinette Sayeh. In the meeting, the loan programme between Pakistan and IMF was reviewed while the issue of implementation was also discussed.

The finance minister thanked the IMF for its support given to Pakistan for economic stability and assured the government's commitment to the implementation of the IMF programme.

Ishaq Dar along with his delegation also held a meeting with World Bank President David Malpass and Vice President Martin Razor.

Federal Minister for Economic Affairs Sardar Ayaz Sadiq and State Minister for Finance Ayesha Ghos Pasha were also present at the meeting.

The Finance Minister apprised the WB officials of the challenges faced by the Pakistani economy after the devastating floods in the country.

Reporter: Ashraf Khan

Categories : Business