KARACHI: The rupee on Monday continued to gain against US dollar as the country has inched closer to securing a loan tranche of US$1.17 billion from the International Monetary Fund (IMF), ARY NEWS reported.
According to forex dealers, the US dollar shed its value by Rs0.15 in the interbank and traded at Rs214.50. “Banks are selling the greenback at Rs215 while open bank’s selling remained between Rs216 and Rs218,” they said.
Interbank closing #ExchangeRate for todayhttps://t.co/O7Zeot4br1 pic.twitter.com/HbGaz1fj5A
— SBP (@StateBank_Pak) August 19, 2022
The rupee is on a winning streak for the last two weeks with some exceptions after the IMF assured that Pakistan has fulfilled all formalities to secure a funding of US$1.17 billion.
Finance Minister Miftah Ismail on Wednesday announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).
Speaking to media in Islamabad, Miftah Ismail said that the LoI was sent to the IMF after being signed by him and acting governor of State Bank of Pakistan (SBP).
The International Monetary Fund (IMF) had agreed to the letter of intent forwarded by Pakistan. The IMF has signed the LOI sent from Pakistan and returned it to the country which will now sign it.
They said that the letter of intent was prepared by Pakistan a month back and since then IMF has been satisfied over its points and action plan.
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