Islamabad: Despite receiving a $1.16 billion loan from the International Monetary Fund (IMF), the Pakistani rupee continued getting battered in the interbank market against the US dollar.
Continuing its losing run, the Pakistani rupee posted a big fall of Rs2 against the US dollar.
According to the State Bank of Pakistan (SBP), at the end of the session, the local currency depreciated by 0.90% to close at Rs223.42 against the greenback in the interbank market.
Interbank closing #ExchangeRate for todayhttps://t.co/1Q8cIaX7IR pic.twitter.com/HO8Nlc9tIP
— SBP (@StateBank_Pak) September 7, 2022
After receiving the loan from the IMF, the SBP, like everyone, bore said that the condition of forex reserves would improve, which invariably enhances the position of the local currency.
However, even after receiving the funds, the local currency has continued getting battered against the mighty dollar.
