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Tuesday, July 5, 2022
HomeBusinessBreather for rupee as dollar falls to 207

Breather for rupee as dollar falls to 207

The $2.3 billion loan agreement with the Chinese banks consortium along with the expected revival of IMF deal has shown positive results on the rate of the US dollar as the greenback fell to Rs207.23 when the interbank market closed on Thursday.

According to the State Bank of Pakistan (SBP), on Thursday, the dollar was trading at Rs206.50 in the interbank market around noon against the closing value of Rs211.93 on Wednesday.

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According to economic experts, different factors including the expected revival of the Pak-IMF deal, dollar inflow due to the deal with Chinese banks consortium, the decision on launching Sukuk bonds and reduced crude oil prices in the international market have caused the local currency to uphold.

According to media reports, Pakistan has achieved positive progress in its deal with IMF regarding the budget for the current fiscal year 2022-23 and a draft memorandum of economic and financial policies (MEFP) would be signed soon.

The announcement by Finance Minister Miftah Ismail regarding the signing of $2.3 billion with a consortium of Chinese banks to cause an inflow of dollars into the country has also become the cause of stabilization in the value of rupee. These inflows would help increase foreign currency reserves.

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Earlier, the Pakistani rupee had become the worst-performing currency in Asia in 2022.

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