Rupee plunges by Rs1.56 against US dollar

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rupee us dollar

Islamabad: The Pakistani rupee plunged by Rs1.56 against the US dollar in the inter-bank market on Tuesday.

Continuing its losing run in the third consecutive session as well, the local currency depreciated by 0.70% to close at Rs221.42 against the greenback in the inter-bank market.

The USD started to bounce back despite the IMF disbursing a $1.16 billion loan to Pakistan under its Extended Fund Facility (EFF) program.

On Wednesday last week, the State Bank announced that it received $1.16 billion (the equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and eighth reviews under the Extended Fund Facility (EFF) for Pakistan.

SBP’s reserves plunge to $7.7 billion; lowest since July 2019

“This will help improve SBP’s foreign exchange reserves and facilitate the realization of other planned inflows from multilateral and bilateral sources,” the central bank added.

So far after receiving the funds, however, the local currency has continued getting battered against the mighty dollar and has fallen from 218.75 to 221.42.

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