KARACHI: The PKR on Monday snapped its gaining streak, losing Rs2.10 against the US dollar in the interbank market.
The rupee has been on gaining streak for the last two weeks with some exceptions after the IMF assured that Pakistan has fulfilled all formalities to secure a funding of US$1.17 billion.
According to the Forex Association of Pakistan (FAP), the local currency was changing hands at Rs216.75 per dollar at 1:36pm, compared to Friday’s closing rate of Rs214.65.
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“Banks are selling the greenback at Rs216.25 while in open market, the dollar crossed the Rs218 mark on Monday.
Rupee’s fall came on the back of the recent decision to lift the ban on imports of luxury items coupled with pressure from exporters urging the government to keep the dollar rate around Rs216.
Finance Minister Miftah Ismail on Wednesday announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).
The International Monetary Fund (IMF) had agreed to the letter of intent forwarded by Pakistan. The IMF has signed the LOI sent from Pakistan and returned it to the country which will now sign it.
