Rupee Value Increases by Rs2.90 during Intraday Trade after the Revival of IMF Program
The Pakistani Rupee shows a strong recovery against US dollar as it is appreciated by Rs2.90 today during trading in the interbank market after the revival of IMF’s loan program.
During intraday trade, the local currency is trading at Rs219 after gaining 1.31 percent. The rupee started to recover after IMF approves the bailout program for Pakistan during the meeting of Executive Boards in Washington after the completion of the joint 7th and 8th review of the credit facility. Under this, an immediate release of one billion 10 million dollars has been allowed for Pakistan.
“The board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about US$3.9 billion,” the statement read.
After the approval of the loan from the IMF, it is expected that the installment of the loan will be received soon, which will stabilize the foreign exchange reserves as well as the rupee value, Chairman Forex Association Malik Bostan said.
It should be noted that yesterday, before the announcement of the approval of the IMF board to issue loans to Pakistan, the value of the rupee in the interbank market had decreased by 1.26 rupees and the local currency closed at 221.92 rupees with a decrease of 0.57%.
