Buoyed by the approval of the 6th tranche of $1 billion for Pakistan by the International Monetary Fund’s Executive Board, the Pakistani rupee on Thursday pounded the US dollar in the interbank trading, reported 24NewsHD TV channel.

The greenback fell below the Rs176 barrier as the rupee gained 91 paisas and was now being traded at Rs175.50 per dollar. The dollar’s closing rate on Wednesday was Rs176.41.

Federal Finance Minister Shaukat took to social media to share the IMF Board news last night. "I am pleased to announce that IMF Board has approved 6th tranche of their programme for Pakistan," Tarin tweeted.

https://twitter.com/shaukat_tarin/status/1488928059562545159

To meet another condition of the IMF, the government had successfully managed to get the State Bank (Amendment) Bill, 2021, cleared from the Upper House of Parliament -  which was the last stumbling block in reviving the stalled programme.

Also Read: IMF approves 6th tranche for Pakistan

Following the clearance of the bill, all prior conditions of the Fund had been fulfilled by Pakistan, including the approval of the mini-budget and SBP bill.

https://twitter.com/StateBank_Pak/status/1488825266147315721