Rupee fights back against US dollar as IMF approves disbursement of $1.17bn

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rupee US dollar

Islamabad: The Pakistani rupee fought back against the US dollar in the inter-bank market on Tuesday after the IMF approved the disbursement of $1.17 billion under the EFF programme.

At the end of today’s session, according to the State Bank’s data, the local currency broke its six-session losing streak, appreciated by 0.82% to close at Rs221.92 against the greenback in the inter-bank market.

The reversal of PKR’s flight against the USD came a day after the IMF revived the stalled Extended Fund Facility (EFF) programme for Pakistan.

Late on Monday, the International Monetary Fund’s Executive Board approved the revival of the EFF programme and the disbursement $1.17 billion tranche.

All you need to know about Pakistan, IMF deal

The global lender also approved to increase the loan size to around $7 billion and extended it till June 2023.

All executive directors supported Pakistan’s request for loan approval and extension except India, which abstained from the voting.

The board members raised questions over the reversal of the commitments that Pakistan had given in February this year but acknowledged the politically difficult steps that Pakistan took to revive the programme.

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