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Rupee gains value in interbank after IMF reaches staff-level agreement with Pakistan

Zain Aijaz by Zain Aijaz
July 14, 2022
in Business, Latest News, National, News, Top News, World
Reading Time: 1 min read
Dollar Rupee

KARACHI: On Thursday, the local currency gained strength as Pakistan and International Monetary Fund (IMF) reached the staff-level agreement for the release of the $1.17 billion loan tranche.

The dollar lost Rs1.6 in value and traded at Rs208.5 in the interbank market. According to economic experts, the greenback will further lose value and drop to Rs200.

The dollar traded between Rs209 and Rs210 in the open market. Earlier on Wednesday, the local currency lost Rs0.54 in value. However, it made some progress after IMF gave a green signal for the revival of the Extended Fund Facility (EFF).

Zain Aijaz

Zain Aijaz

Zain is a media student and a writer by passion. He is a certified creative writer from Wesleyan University and enthusiastically writes on non-fiction and political satire. He is vastly experienced in the field of theatre and has served as a theatre mentor across different institutions. Currently, he is a contributor at The Upcut and can be reached at zainaijazdehlvi@gmail.com

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