Pakistani rupee knocks down US dollar once again

Pakistani rupee appreciates by massive Rs2.12 against greenback: Chinese dollars, IMF tranche news behind rupee surge

By: News Desk
Published: 10:20 AM, 29 Jun, 2022
Pakistani rupee knocks down US dollar once again
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The Pakistani rupee appeared to be steadily recovering its value against the US dollar and Wednesday saw another positive day for the Pakistani currency, reported 24NewsHD TV channel.

Following government’s announcement that Pakistan will receive not one but two tranches from the International Monetary Fund (IMF), the buoyed rupee opened the intrabank trading with a huge lead of Rs1.37 against the US dollar and later built it to Rs2.12 but closed the day at Rs1.75.

According to the forex dealers, the greenback concluded the trade at Rs205.15 down by Rs1.75.

In the open market, the situation was not different where the US dollar shed Rs1.50 and settled the day for Rs205.

On Tuesday, the US dollar ended the day at Rs206.87, down by Rs1.07.

Experts said the rupee was able to shed off some pressure after receiving $2.3 billion from a Chinese consortium and a positive news from the IMF. They said the situation was expected to improve further after Pakistan will receive an IMF tranche next month. They were also of the view that the those investors who were holding back their dollars were now forced to sell them.

Earlier, Finance Minister Miftah Ismail had disclosed that the Government of Pakistan had received an MEFP from the IMF for combined 7th and 8th reviews.

Reporter: Ashraf Khan