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Rupee breaks losing streak on account of IMF announcement

Fund's assurance expected to reduce pressure on exchange rate

By Monitoring Desk

The Pakistani currency broke a two-day losing streak on Monday, gaining 0.27 per cent against the US dollar to close below 175in the inter-bank market.

The recovery came on the back of a staff level agreement with the International Monetary Fund (IMF) regarding the much-awaited stalled loan programme.

According to data released by the State Bank of Pakistan (SBP), the local currency closed at 174.77 against the USD, an appreciation of 0.27pc or 47 paisas.

Local media reports while quoting financial analysts have said that the agreement will now help unlock significant funding from bilateral and multilateral partners which will further ease the pressure on the local currency.

 

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Monitoring Desk
Monitoring Desk
Our monitoring team diligently searches the vast expanse of the web to carefully handpick and distill top-tier business and economic news stories and articles, presenting them to you in a concise and informative manner.

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