Pak-Rupee appreciates Rs 3.38 against greenback in interbank market
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KARACHI: Despite 200 basis points reduction in the discount, the dollar depreciated by Rs 3.38 against the Pak-rupee in the interbank market and it closed at Rs 163.50.
According to the analysts, the dollar has gone down in the interbank market as International Monetary Fund (IMF) has approved $1.386 billion for Pakistan to support its fiscal and external financing need.
The IMF has approved disbursement of $1.386 billion to Pakistan under the Rapid Financing Instrument (RFI) to address the economic impact of the COVID-19 shock.
IMF also noted ‘Expeditious donor support is needed to close the remaining balance of payments gap and ease the adjustment burden’.
The greenback has lost value of Rs 4.39 against the rupee since April 7 when it touched an all-time high of Rs 167.89.
The exchange rate of the rupee against the US dollar had witnessed an increase of 10 paisa in the interbank market yesterday and traded at Rs 166.88.
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