US dollar resists Pakistani rupee’s onslaught

Greenback loses only eight paisas after days of bruising by the local currency

By: News Desk
Published: 10:30 AM, 16 Aug, 2022
US dollar resists Pakistani rupee’s onslaught
Caption: Representational image.
Stay tuned with 24 News HD Android App
Get it on Google Play

The robust appreciation in value of Pakistani rupee against the US dollar was stumbled on Tuesday s the greenback showed resistance in the interbank trading, reported 24NewsHD TV channel.

According to forex dealers, as the business concluded the rupee went up by only eight paisas, although in the morning it went up by nearly one and a half rupee against the greenback. However, the greenback showed resistance in the evening session.

Overall the rupee has gained only eight paisas and closed the day at Rs213.90.

On Monday, the Pakistan rupee ended the day at Rs213.98 up 0.71 percent against the US dollar.

The Pakistani currency is expected to perform much better in the coming days as sources in the Ministry of Finance have confirmed that all obstacles to the loan revival agreement between Pakistan and the IMF have been removed.

The Ministry of Finance said that the Pakistan government had sent a letter of acceptance to the IMF on Monday.

The finance ministry said that the IMF will now review the data provided by Pakistan at its board meeting and release the billion-dollar tranche. 

After the IMF board review, the State Bank of Pakistan (SBP) Acting Governor and Federal Minister for Finance will sign the final draft.

The sources told the TV channel that the IMF Executive Board meeting is likely to be held on August 29, 2022.

Reporter Ashraf Khan