Dollar depreciates by Rs 4 after loan agreement with China

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Dollar continues upward trend; crosses Rs210 mark in interbank

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.

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.

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