Web Desk (LTN NEWS): The currency goes up because the IMF program is likely to start up again. For the ninth straight business day, the Pakistani currency went up against the US dollar. On Friday, it went up another 1.57%, or Rs3.39, to close at Rs215.49 on the inter-bank market.
After the government said it had received a Letter of Intent (LoI) from the International Monetary Fund (IMF) to restart its $7 billion loan program, the local currency continued to gain ground against the U.S. dollar.
With this latest rise, the rupee has gained a total of Rs24.45, or 10%, in the last nine working days.
Read More: The dollar continues to depreciate against the rupee in interbank
On July 13, the country reached a deal with the IMF at the staff level. On August 29, 2022, the lender’s executive board will decide if the next $1.2 billion loan payment can be made.
If the loan program started up again, other multilateral and bilateral creditors and friendly countries would agree to give Pakistan more money from abroad.
Earlier, Pakistan’s Finance Minister Miftah Ismail said that all of the $41 billion in foreign financing needed for the current fiscal year 2023 had been set up.
