KARACHI: Following the late-night announcement by the State Bank of Pakistan regarding the receiving of the IMF loan tranche, the local currency has gained Rs1.5 against the US dollar.
1/2 Today, #SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the Extended Fund Facility (EFF) for Pakistan.
— SBP (@StateBank_Pak) August 31, 2022
The State Bank of Pakistan took to Twitter to announce that it had received USD1.16 billion after the IMF Executive Board completed the combined seventh and eighth review under the EFF for Pakistan.
Experts are attributing the growth in rupee’s value to the surge in foreign reserves. It is being speculated that the dollar will go down to Rs200 in the upcoming days. Dollar is currently trading at Rs217.25 in the interbank market.