The rupee recouped losses against the US dollar in early interbank trade on Thursday, following two days of minor gains by the greenback, according to ARY News. The dollar fell Rs 0.25 against the rupee in the interbank market, trading at Rs214.70, while banks sold the greenback at Rs215.20, according to forex dealers.
Interbank closing #ExchangeRate for todayhttps://t.co/yVOdH375zN pic.twitter.com/XiSd7F6EeP
— SBP (@StateBank_Pak) August 18, 2022
According to forex dealers, the US dollar is being sold in the open market for between Rs 215 and Rs 217. With a few exceptions, the rupee has been on a winning streak over the last two weeks, thanks to the IMF’s assurance that Pakistan has completed all formalities to secure a US$1.17 billion loan.
Pakistan’s Finance Minister, Miftah Ismail, said on Wednesday that the signed letter of intent (LoI) had been sent back to the International Monetary Fund (IMF). Miftah Ismail told the media in Islamabad that the letter of intent was sent to the IMF after being signed by him and the acting governor of the State Bank of Pakistan (SBP).
The International Monetary Fund (IMF) approved Pakistan’s letter of intent. The IMF signed the letter of intent sent by Pakistan and returned it to the country that will now sign it. They said that Pakistan made the letter of intent a month ago and that the IMF has been happy with its points and action plan since then.