Web Desk (LTN NEWS): On Wednesday, the Pakistani rupee kept going up and gained Rs1.92 against the US dollar. This made the interbank rate go down to Rs222.
As of Aug 10, the buying rate in Interbank is 221.5, and the selling rate is 222.
On the other side, the buying rate in an open market is 215.9, and the selling rate is 222.15.
Also Read: Pakistani currency keeps going up for the sixth straight business day
On July 28, the dollar was worth its most, at Rs240.3, but on August 3, the rupee made a big gain of Rs9.98 in just one day.
Finance Minister Miftah Ismail said that the IMF Executive Board would meet on August 24. At that meeting, the board would think about giving final approval for the program to start up again.
After the loan was approved, the next $1.2b loan payment would be sent.
With good news from the IMF, experts think that there is only a $4 billion shortfall for this year. Once that is fixed with the help of friendly countries, the local currency would be in a better place.
The experts also said that the rupee started to get better after Pakistan reported that its trade deficit had dropped by almost half from $4.96 billion in June to $2.64 billion in July.
