Dollar hits 22-month low against Pakistani rupee after IMF clears tranche


KARACHI – The rupee continued to strengthen in the currency market on Tuesday as the value of the US dollar settled down to a 22-month low in the interbank market.

The greenback shed its value by 95 paisas in the interbank and was traded against Rs153.20, witnessing a decline of 0.62 percent.

The dollar is at its lowest level since June 13, 2019 in the interbank. It had hit the record high of Rs168.43 on August 20 last year.

On Monday, the US Dollar weakened an average of 55 paise to close at Rs 154.04 against the Pakistani rupee.

The increasing inflow of remittance coincided with the release of a tranche by International Monetary Fund (IMF) played a key role to strengthen the rupee.

On March 25, the IMF has approved the release of the next loan tranche of around $500 million for Pakistan.

The approval was given after reviewing Pakistan’s progress in line with the program in the Board of Directors meeting.

The Executive Board of the International Monetary Fund approved a 39-month Extended Arrangement under the Extended Fund Facility for Pakistan in the amount of SDR 4,268 billion (about US$6 billion), equivalent to 210 percent of quota, on July 3, 2019.

The first review under the arrangement was completed by the Executive Board on December 19, 2019, based upon, inter alia, the reported observance of the quantitative performance criteria at end-September 2019, including the amount of government guarantees.

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