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The PKR on Tuesday showed a strong recovery against the dollar in the interbank market, gaining Rs2.92 by 9:54am after the International Monetary Fund (IMF) released the long-awaited tranche of 1.1 billion dollars.
According to details, the rupee appreciated to 219 after gaining 2.90 against the US dollar during intraday trade in the interbank market.
The rupee’s recovery comes after the International Monetary Fund (IMF) approved the seventh and eighth reviews of Pakistan’s Extended Fund Facility Program (EFF).
In a statement, the Fund announced that the executive board completed the combined seventh and eighth reviews of the “extended arrangement” under the Extended Fund Facility (EFF) for Pakistan.
“The board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about US$3.9 billion,” the statement read.
The global lender also approved to increase the loan size and extended it till June 2023.
