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KARACHI: Pakistani Rupee’s upward trajectory against the US dollar in the interbank market for the last three sessions has come to a close as the rupee on Tuesday registered a downward trend in the interbank market amid unconfirmed reports suggesting a delay in resumption of the International Monetary Fund (IMF) program.
According to the State Bank of Pakistan, the interbank market on Tuesday closed with the US dollar trading for Rs206.94. This was up by Rs2.38 from the previous day’s close of Rs204.56.
However, in the open market, the US dollar is being sold between Rs207 to 208.
The local unit closed at 204.56 the other day, registering an appreciation of Rs0.29 or 0.14% against the US dollar.
Early this morning, the Government of Pakistan has received an MEFP from the IMF for combined 7th and 8th reviews.
— Miftah Ismail (@MiftahIsmail) June 28, 2022
Meanwhile, Finance Minister Miftah Ismail on Monday refuted reports claiming that the International Monetary Fund’s (IMF) loan program for Pakistan had been postponed, saying there was “no truth” to it.
I have been reading with some amusement all the tweets and stories about IMF program being postponed or delayed due to some anti-corruption law. There is no truth to it. The IMF program is on track. https://t.co/6c0MNvQ0g3
— Miftah Ismail (@MiftahIsmail) July 4, 2022
“I have been reading with some amusement all the tweets and stories about IMF program being postponed or delayed due to some anti-corruption law. There is no truth to it. The IMF program is on track,” he wrote in a tweet in response to a news report about IMF program.
On June 28, Pakistan received the Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF) for the seventh and eighth reviews, Finance Minister Miftah Ismail confirmed on his official Twitter handle.
Earlier, Prime Minister Shehbaz Sharif last Tuesday said that Finance Minister Miftah Ismail had informed him that Pakistan could receive $2 billion instead of $1 billion from the International Monetary Fund (IMF).