Rupee snaps losing streak as IMF approves loan tranche
Business
IMF board approves $1.1 bln tranche for Pakistan.
KARACHI (Dunya News) – Pakistani Rupee (PKR) on Tuesday bounced back against US Dollar after International Monetary Fund (IMF) approved loan tranche for cash-strapped Pakistan.
The rupee, which was consistently losing ground in previous sessions, gained Rs1.80 against the greenback and closed at Rs220.12. In open market US dollar lost Rs6 and was being traded around Rs224.
Earlier, the International Monetary Fund board approved the seventh and eighth reviews of Pakistan’s bailout program, allowing for a release of about $1.1 billion.
The IMF agreed to extend the programmer by a year and increase the total funding by 720 million that will bring the total access under the EFF to about US$6.5 billion.
The Extended Fund Facility (EFF) program was initially for 36 months and worth $6 billion at the time of its approval in 2019. It had stalled since earlier this year as Islamabad struggled to meet targets set by the lender.
