US dollar halts Pakistani rupee’s marathon run, gains 98 paisas

By: News Desk
Published: 02:07 PM, 17 Aug, 2022
US dollar halts Pakistani rupee’s marathon run, gains 98 paisas
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The US dollar on Wednesday managed to hold its ground against the Pakistani rupee and was able to turn the tide in its favour in the interbank market, reported 24NewsHD TV channel.

The rupee lost its steam probably due to the IMF board meeting which will be held at the month-end to decide about reviving the Pakistan’s loan programme.

According to the forex dealers, the US dollar gained a meagre 10 paisas against the Pakistani rupee in the morning but in the afternoon session it was appreciated by 98 paisas which took its rate to Rs214.88 at the end of the day.

On Tuesday, the Pakistani rupee closed the day at Rs23.90 showing a gain of 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.

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