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Rupee gains 38 paisas as IMF funds approval for Pakistan

The Pakistan Rupee gained 38 paisas against the dollar on Thursday as IMF approved the transfer of $500 million to Pakistan under Extended Fund Facility (EFF).

The rupee ended Rs155.01 to the dollar from the previous day’s closing of Rs155.39 in the interbank foreign exchange market.

The economics experts said that the market was remained positive due to approval of funds for Pakistan.

Meanwhile, the currency gained 95 paisa against the British pound as the day’s closing quote stood at Rs212.1, while the previous session closed at Rs213.05.

Similarly, the rupee strengthened by 83 paisa against the Euro, which closed at Rs182.99 at the interbank today.

The International Monetary Fund said on Wednesday it approved a $500 million disbursement to Pakistan for budget support after the IMF Executive Board completed delayed reviews of Pakistan’s $6 billion loan program.

The IMF said in a statement that the latest payment brought total disbursements under the Extended Fund Facility to $2 billion since the program was first approved in July 2019.

“The Pakistani authorities have continued to make satisfactory progress under the Fund-supported program, which has been an important policy anchor during an unprecedented period,” IMF Deputy Managing Director Antoinette Sayeh said in a statement.

“While the Covid-19 pandemic continues to pose challenges, the authorities’ policies have been critical in supporting the economy and saving lives and livelihoods,” she said.

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