After the latest $2 billion Saudi deposit with the country’s central bank yesterday, the Pakistani rupee retained its sway and appreciated by Rs1.09 against the US dollar in the interbank trading on Wednesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, US dollar went on the back foot and lost its value by Rs1.09 against the Pakistani rupee. The greenback ended the day at Rs277.44.
Yesterday, the Pakistani rupee appreciated by 0.44% and the US dollar was closed at Rs278.57 after declining by Rs1.23
https://twitter.com/StateBank_Pak/status/1678734556646735873
The market is upbeat over the recently concluded $3 billion deal with the International Monetary Fund and on top of that, the forex reserves have, somewhat, started to build up with the latest forex injection of $2 billion from Saudi Arabia yesterday.
The Government of Pakistan has forwarded its $8 billion external financing plan to the IMF whose Executive Board’s meeting is being held today.
According to Pakistan’s external financing plan, apart from $2bn from Saudi Arabia, the country is likely to receive $3.5 billion from China, $1 billion from the UAE, $50 million each from the Asian Development Bank and the World Bank, and $350 million pledged during the Geneva Conference.
It is expected that the IMF board would give final approval to the release of first instalment of the $3 billion fund under the nine-month long Stand-By-Arrangement today.
Reporter Ashraf Khan