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KARACHI: The Pakistani rupee on Friday snapped its gaining streak against the US dollar, depreciating 0.41% in the interbank market.
At close, the currency settled at 277.59, a decrease of Rs1.13, as per the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/5WFYX9KIT1#SBPExchangeRate pic.twitter.com/LiGgnehK6D
— SBP (@StateBank_Pak) July 14, 2023
On Thursday, the rupee registered a gain against the US dollar, inching up 0.37% to settle at 276.46 in the inter-bank market.
In a key development, the International Monetary Fund (IMF) said that the recently-approved $3 billion loan program with Pakistan is aimed at supporting the country’s immediate effort to stabilize the economy and ensure the current balance of payments need is filled.
Earlier this week, the global lender’s executive board green-lit the nine-month standby arrangement (SBA) in order “to support the authorities’ economic stabilisation programme”.
The IMF said in a statement that the board had approved a bailout package for Pakistan worth $2.25 billion in Special Drawing Rights (SDRs), or roughly $3 billion, or 111% of Pakistan’s quota. SDRs are reserve funds that the institution credits to the accounts of its member countries.
