Rupee gains Rs1.37 against US dollar in interbank

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rupee dollar

Islamabad: Furthering its winning run into the second consecutive session, the Pakistani rupee on Wednesday gained Rs1.37 against the US dollar in the inter-bank market.

At the end of the session, the local currency appreciated by 0.63% to close at 218.74, the State Bank of Pakistan tweeted.

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

On Monday, the International Monetary Fund’s Executive Board approved the revival of the EFF programme and the disbursement of the $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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