Daily Times

Pakistani rupee snapped the winning streak against the US dollar in the inter-bank market after six straight sessions on Thursday with the local unit shedding 4 paisas (-0.02 percent).

According to the State Bank of Pakistan, the US dollar opened at Rs169.97 and closed at Rs170.01. Within the open market, the rupee was traded at 171/ 172 per dollar.

The Pakistani rupee made all-time low of 175.27 against the greenback on October 26 last and since then the local currency has recovered Rs5.26 during the last seven sessions on the back of the Saudi package as well as prospects of resumption of $6 billion Extended Fund Facility by the International Monetary Fund (IMF). Overall, the rupee appreciated by Rs1.64 during the last four days of this week. The rupee depreciation during the fiscal year 2021-22 has been Rs12.59, while the local unit has shed Rs9.84 against the US dollar in the current year 2021.

Saudi Arabia on October 26, 2021 announced additional support of $3 billion to Pakistan for building its foreign exchange reserves. The financial support is in addition to a $1.2 billion deferred oil facility to Pakistan to help its balance of payment issues.

Adviser to the PM on Finance and Revenue, Shaukat Tarin said on Monday last that Pakistan and the IMF will sign an agreement on the release of a $1 billion tranche of a bailout package this week. “All issues have been settled with the International Monetary Fund and an agreement will be signed this week,” Tarin said while talking to the media persons.