Daily Times

KARACHI: The US dollar on Wednesday continued its losing streak in the interbank and open market against the rupee, a day after the IMF said that the country has fulfilled its last condition of raising the levy on fuel prices.

According to the Forex Association of Pakistan (FAP), the rupee gained 88 paise by 9:50am to reach Rs237.5 compared to yesterday’s close of Rs238.38.

Later, according to Mettis Global — a web-based financial data and analytics portal. the local currency recovered further and was being traded at Rs228 around 12:50 pm, up Rs10.38 compared to yesterday’s close.

Rupee struggling against US dollar; gains a little

The International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) program.

International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.

Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.

Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting. Rupee struggling against US dollar; gains a little

The International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) program.

International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.

Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.

Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.