The US dollar continued to lose its value against the Pakistani rupee on Thursday and slumped to Rs175.39.
According to the State Bank of Pakistan (SBP), the dollar depreciated 28 paisas to Rs175.39 in the interbank market. The greenback suffered a decline of 0.16% on Thursday after it had already lost by 0.06% on Wednesday.
Experts say that the positive market trend is a result of the resumption of the International Monetary Fund (IMF) loan program for Pakistan. The IMF had approved the release of a $1 billion loan to Pakistan in January 2022.
In the open market, the greenback was sold at 177.86.Here are the open market rates of major currencies on February 17, 2022.
The Pakistani rupee held its value against the US dollar on Friday’s open market, while the interbank market also witnessed improvement for the local currency.
We were called during the day by Business Recorder, a currency dealer, to let us know that the rupee was quoted at 286 for selling and 283 for buying purposes for customers.
Data from the Exchange Companies Association of Pakistan was released, demonstrating that at the conclusion of trading, the currency closed at the same rates.
The Pakistani government and the IMF achieved a staff-level agreement earlier this month over the initial evaluation of the IMF Stand-By Arrangement (SBA) program. The administration expects the executive board approval from the IMF in December.
It believes that the value of the country’s currency will increase even further following the IMF’s evaluation and the issuance of a second tranche.
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