The Pakistani rupee on Tuesday got recovered against the US dollar in the interbank market.
According to the State Bank of Pakistan (SBP) report, the local unit gained Re0.5 against the greenback to close at Rs277.87 in the interbank market. The greenback had closed at Rs277.92 a day earlier.
The rupee showed a positive response after Finance Minister Ishaq Dar’s assurances of striking a deal with the International Monetary Fund (IMF). The Pakistani rupee plunged by nearly Rs19, or 6.66%, against the US dollar last week.
Earlier sources in Finance Ministry claimed that Pakistan is likely to sign a staff-level agreement with the International Monetary Fund (IMF) by next week as the lender is satisfied with Islamabad’s efforts to meet the commitments for the revival of the stalled loan program.
Credible sources in the Finance Ministry for the revival of the stalled loan program after the 9th review as the IMF has appreciated Islamabad’s efforts.
Furthermore, the IMF is seen as confident with the commitments of the State Bank Governor Jameel Ahmed. The international lender has given the Green signal for the staff-level agreement with Pakistan, which is likely to be signed next week.
The International Monetary Fund (IMF) and Pakistan moved closer to the revival of the $7 billion Extended Fund Facility and soon the revival of the Extended Fund Facility (EFF) will be completed.