Rupee reaps gain against US dollar 

By: News Desk
Published: 01:35 PM, 19 Aug, 2022
Rupee reaps gain against US dollar 
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The price of US dollar came down by 30 paisa in the interbank trading on Friday to close at Rs214.65, reported 24NewsHD TV channel.

The dollar’s price which had reached Rs239.94 around a fortnight ago started gradually coming down and witnessed a decrease by Rs24.99.   

And it is expected to drop further as Pakistan is expected to get the IMF package by the end of August.       

Yesterday (August 18, 2022), the rate of US dollar had gone up by seven paisa in the interbank to jump from Rs214.88 to Rs214.95, thus registering an increase by Rs1.5 in the last two days.   

The Ministry of Finance have confirmed that all obstacles to the loan revival agreement between Pakistan and the IMF have been removed.

The Ministry further informed that the Pakistan government had sent a letter of acceptance to the IMF on Monday adding that the Fund would 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, it said.

The IMF Executive Board meeting is likely to be held on August 29, 2022.

Apart from this, the foreign exchange reserves held by the State Bank of Pakistan (SBP) witnessed an uptick of $67 million to $7.897 billion during the week ended on Aug 12, the central bank reported on Thursday.

Holdings of the banks were $5.716bn while the country’s total reserves were $13.613bn.

The weak external account of the country requires additional help to improve its reserves of the country but the new government has so far been unable to increase its reserves. The finance minister has been assuring the nation that the inflows from IMF and other resources would be resumed soon.

Reporter: Ashraf Khan