The US dollar has continued its upward trend in interbank trading and gained Rs1.82 against the local currency despite the government Staff Level Agreement with IMF and receiving of the first tranche of $1.166 billion from the international lender. The American currency has been showing no respite for the Pakistani Rupee as on Monday it reached Rs230.80. The last week’s closing of the US dollar was Rs228.18. On last week’s Thursday, the dollar strengthened by Rs4 in two sessions. The sharp increase in the greenback prices despite the arrival of the $1.1bn from the IMF has threatened the government’s aim to calm down the vulnerable exchange rate. However, the resumption of IMF loans did provide temporary respite as the rupee recovered first and then started losing against the greenback. The State Bank of Pakistan said that during the week ending Sept 2 it received $1.166 billion from IMF. “After accounting for external debt and other payments, the SBP reserves increased by $1.103bn to $8.799bn,” said the SBP.

Credit: Independent News Pakistan-INP