KARACHI: The rupee’s slide beside US dollar sustained in the interbank on Wednesday with the greenback trading at Rs218.
According to forex dealers, the greenback saw an Rs0.10 hike in interbank and transacted at Rs218.48 whereas the banks are selling it at Rs219. In open market, the US dollar traded amongst Rs225 and Rs227.
On Wednesday, the State Bank of Pakistan said the greenback traded at Rs218.38 in interbank subsequently a hike in value by Rs0.72 although the banks sold it at Rs219.
Interbank closing #ExchangeRate for todayhttps://t.co/TN9mS4PdX8 pic.twitter.com/C2vLGnHtj0
— SBP (@StateBank_Pak) August 24, 2022
In open market, the US dollar traded amongst Rs225 and Rs227.
The rupee continued on a winning streak for the last two weeks with some exemptions after the IMF assured that Pakistan has fulfilled all formalities to secure a funding of US$1.17 billion.
Finance Minister Miftah Ismail also publicized that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).
Talking to media in Islamabad, Miftah Ismail said that the LoI was sent to the IMF later being signed by him and acting governor of State Bank of Pakistan (SBP).
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The International Monetary Fund (IMF) had agreed to the letter of intent dispatched by Pakistan. The IMF has signed the LOI sent from Pakistan and reverted it to the country which will now sign it.
They said that the letter of intent was ready by Pakistan a month back and since then IMF has been gratified over its points and action plan.