Pakistan Rupee continues thrashing US dollar heavily

As Pakistan is about to get the IMF’s first tranche, the Pakistani Rupee continued its upward trend in the interbank trading on the first day of the business week thrashing the US dollar, reported 24NewsHD TV channel.

The American currency thrashed the US dollar by Rs2.49 value to settle at Rs213 at the start of the interbank trading.

At the closing time of interbank trading, the US dollar reached Rs213.98 after a decrease of Rs1.54 paisas against Pakistani Rupee.  

The last week's closing was Rs215.49 after an appreciation of 1.57 percent.

Interbank closing #ExchangeRate for todayhttps://t.co/DS1eavzpQe pic.twitter.com/QeeEWXs1x8

— SBP (@StateBank_Pak) August 15, 2022

Federal Minister for Finance and Revenue Miftah Ismail said that the International Monetary Fund’s (IMF) executive board is expected to meet on August 29 for taking up Pakistan’s request to approve the seventh and eighth reviews and release a tranche of $1.17 billion under the Extended Fund Facility (EFF).

Commenting on the latest developments in the IMF programme, Miftahsaid: “We have received the Letter of Intent (LoI) copy and we will send it back to the IMF’s executive board on Monday.”

“The revival of IMF programme indicates that the country’s external financing needs have been fulfilled by the bilateral friends and also conveyed to the IMF.”

The State Bank of Pakistan (SBP) Dr Murtaza Syed said that Pakistan would manage additional $4 billion to shore up dwindling foreign exchange reserves from friendly countries and SBP will continue to intervene for avoiding disorderly movement of exchange rate.

Reporter Ashraf Khan