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USD to PKR: Rupee get massive against dollar in interbank market

Islamabad: During intraday trading on Thursday in the interbank market, the Pakistani rupee (PKR) appreciated by 1.8% against the US dollar (USD).

During intra-day trading, the local currency had increased by Rs4.83 to Rs268.50 against the US dollar around 11:35 a.m.

On Wednesday, the rupee had also advanced significantly against the US dollar, closing at Rs273.33, an increase of Rs2.95, or 1.08%, against the US dollar.

Market observers have credited the ongoing negotiations between the Pakistani government and the International Monetary Fund (IMF) for the revival of the ninth review under the Extended Fund Facility (EFF) program for the significant recovery of the PKR against the USD.

Pakistan calls the few conditions imposed by the IMF “unrealistic.” Prime Minister Shehbaz Sharif himself has acknowledged that the international lender is giving Finance Minister Ishaq Dar and his team a “tough time.”

But the government has put on a brave face to avoid a near-default on its debt because the two sides haven’t come to an agreement on precise domestic fiscal measures and estimates of external financing.

The Fund and the cash-strapped South Asian nation continue to disagree about the need for external financing and the losses in the power sector, delaying the delivery of the draft memorandum of economic and financial policies (MEFP) to Pakistan.