Karachi-The Pakistani rupee continued to recover on Tuesday as investors and dealers cherished the news regarding the International Monetary Fund (IMF) agreement to increase the size and duration of$ 6 billion loan program.
According to the State Bank of Pakistan (SBP), the original currency closed at Rs185.62, gaining Rs0.43 (or0.23) against the US bone in theinter-bank request compared to its last close of Rs186.05 on Monday.
Currency dealers believe that the IMF statement, saying the Fund charge will visit Pakistan in May to renew conversations over programs for completing the seventh review has helped sentiment, as did the news of extending the stalled program by over to one time and adding the loan size to$ 8 billion.
Dealers and requests were looking at the IMF as progress with the Fund instils investor confidence in the frugality, stabilises Pakistan’s foreign exchange reserves, and unlocks backing from other transnational fiscal institutions.
Either, IMF program reanimation, anticipated$2.4 billion rollovers from China and other foreign inrushes would give important-required support to the balance of payments and the currency as well.
The rupee has maintained a downcast trend for the last 12 months. It has lost21.90 (or Rs33.35) to date, compared to the record high of Rs152.27 recorded in May 2021.
With a fresh rise of0.23, the Pakistani rupee has downgraded by17.82 (or Rs28.08) since the launch of the current financial time on July 1, 2021, data released by the central bank revealed.