KARACHI: The US dollar continued flight against rupee in interbank amid reports of currency shortage despite assurances of financing from friendly countries and the IMF, ARY NEWS reported.
According to the State Bank of Pakistan, the greenback traded at Rs218.38 in interbank today after a hike in value by Rs0.72 while the banks are selling it at Rs219.
Interbank closing #ExchangeRate for todayhttps://t.co/TN9mS4PdX8 pic.twitter.com/C2vLGnHtj0
— SBP (@StateBank_Pak) August 24, 2022
In open market, the US dollar traded between Rs225 and Rs227.
Interbank closing #ExchangeRate for todayhttps://t.co/Q11sGmWRyJ pic.twitter.com/K0WzLYCBoQ
— SBP (@StateBank_Pak) August 23, 2022
The rupee remained 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 also 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).
Read More: PAKISTAN’S CURRENT ACCOUNT DEFICIT SHRINKS TO $1.2BN IN JULY
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.
