Islamabad: The US dollar lost Rs 4 in the interbank market on Thursday after Finance Minister Miftah Ismail announced a $2.3 billion loan agreement with a Chinese consortium of banks on Wednesday, and a breakthrough was observed in the talks with the International Monetary Fund (IMF).
Read: Budget 2022-23 will be wrapped up tomorrow: Miftah Ismail
According to the State Bank of Pakistan (SBP), the Pakistani rupee closed at an all-time low of Rs211.93 on Wednesday.
Interbank closing #ExchangeRate for todayhttps://t.co/uvJVyHFf0A pic.twitter.com/wfBu9sZALe
— SBP (@StateBank_Pak) June 22, 2022
However, a major development came when the finance minister announced that the Chinese consortium of banks signed the $2.3 billion loan-facility agreement with Pakistan.
Read: $2.3b loan pact with Chinese consortium signed: Miftah
In addition to the agreement with the Chinese banks, the talks to revive the stalled IMF programme also witnessed a breakthrough when both the sides agreed to increase the FBR target of tax collection by Rs $438 billion and cut down on proposed expenditures in the budget 2022-2023 “to achieve revenue surplus in the next fiscal year”.
Read: Breakthrough in Pak-IMF talks
Following these, the Pakistani rupee appreciated and was being traded at around Rs 206.
