Rupee Boost Against US Dollar After Dar’s Assurance of IMF Deal

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BUSINESS:The assurances of Finance Minister Ishaq Dar that a deal will be reached with the International Monetary Fund (IMF) next week gave the Pakistani rupee a boost against the US dollar.

During the intraday trade, the local currency increased by Rs7.09 in the interbank market to a value of 278 against the US dollar.

Due to concerns about a stalled IMF deal and the central bank’s monetary policy review, the rupee lost nearly Rs19 against the US dollar on Thursday.

Also Read : Pakistan To Strike Staff-Level Agreement with IMF ‘Next Week’

According to the State Bank of Pakistan (SBP), the rupee lost Rs18.98, or 6.66 percent, to close at 285.09 against the dollar in the interbank market, down from Wednesday’s close of Rs266.11.

ECAP General Secretary Zafar Paracha stated in an interview with that the International Monetary Fund (IMF) urged Pakistan to trade the dollar at the rate it was being sold near the Afghan border.

He continued, “In other words, the IMF had stated that our true rate should be the grey market rate” rather than the open market or the interbank rate.