The US dollar on Thursday pressed ahead with its renewed upward journey against the Pakistani rupee as the greenback appreciated by 12 paisas in early interbank trading on Thursday. The rupee lost its steam yesterday probably as still about ten days to go to the IMF board meeting which will be held at the month-end to decide about reviving the Pakistan’s loan programme. According to the forex dealers, the US dollar gained a meagre 12 paisas against the Pakistani rupee in the morning and was currently being traded at Rs215. On Wednesday, the US dollar appreciated by 98 paisas which took its rate to Rs214.88 at the end of the day.

The Pakistani currency is expected to perform much better in the coming days as sources in the Ministry of Finance have confirmed that all obstacles to the loan revival agreement between Pakistan and the IMF have been removed. The Ministry of Finance said that the Pakistan government had sent a letter of acceptance to the IMF on Monday. The finance ministry said that the IMF will now review the data provided by Pakistan at its board meeting and release the billion-dollar tranche.  After the IMF board review, the State Bank of Pakistan (SBP) Acting Governor and Federal Minister for Finance will sign the final draft. The sources said that the IMF Executive Board meeting is likely to be held on August 29, 2022.

Credit:
Independent News Pakistan-INP