US dollar demolishes Pakistani rupee with massive gain
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The US dollar continued its rollercoaster ride against the Pakistani rupee and scored a massive gain as the business started in interbank trading on Friday, reported 24NewsHD TV channel.
The value of the greenback surged by 86 paisas and it was now trading at Rs177.25. The dollar closed at Rs176.39 on Thursday.
Interbank closing #ExchangeRate for today:https://t.co/AE6X5Wkuih pic.twitter.com/FB1Ye71qhb
— SBP (@StateBank_Pak) February 24, 2022
The rate of US dollar which was galloping high before the release of IMF’s stalled $1 billion tranche, was stopped after the loan programme was revived early this month. However, the greenback has now roared back making strides in the money market.
The International Monetary Fund's Executive Board on Feb 2 approved the 6th tranche for Pakistan. The IMF Board met in Washington to take up Pakistan’s request for the completion of the sixth review and released $1 billion tranche under the Extended Fund Facility (EFF).
Total liquid foreign #reserves held by the country stood at US$ 23.23 billion as of February 18, 2022. For details: https://t.co/WpSgomnd3v pic.twitter.com/2jE0UtbLmR
— SBP (@StateBank_Pak) February 24, 2022