Approval of IMF loan; Rupee gains 89 paisa in inter-bank market

KARACHI: After the approval of a $1 billion tranche by the International Monetary Fund (IMF), the value of rupee was appreciated by 89 paisa (0.51 per cent) on Thursday in the inter-bank market.

Finance Minister Shaukat Tarin had earlier confirmed that IMF had approved the revival of the $6 billion loan programme for Pakistan. According to the stats by the State Bank of Pakistan, the dollar closed at Rs175.518 and recorded the highest single-day gain since December 31. However, the value did not change in the open market as the dollar stood at Rs177.50.

The total amount Pakistan gained in Extended Fund Facility would reach $3.027 billion after the disbursement of IMF’s $1.059 tranche.

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