Today’s dollar rate in Pakistan, 16 August 2022.
The strong strengthening of the Pakistani rupee against the US dollar continued on Tuesday as interbank trade got underway.
According to forex dealers, the dollar shed Rs1.51 in the interbank to trade at Rs212.47 while the banks are selling the greenback at Rs213.59.
In the open market, the US dollar is traded between Rs208 and Rs210.
The Pakistani rupee gained 0.71 percent versus the US dollar on Monday and ended the day at Rs213.98.
Interbank closing #ExchangeRate for todayhttps://t.co/DS1eavzpQe pic.twitter.com/QeeEWXs1x8
— SBP (@StateBank_Pak) August 15, 2022
As sources in the Ministry of Finance have stated that all barriers to the loan revitalization deal between Pakistan and the IMF have been removed.
The Pakistani rupee is anticipated to perform significantly better in the coming days.
The Pakistani government issued a letter of acceptance to the IMF on Monday, according to the Ministry of Finance.
The IMF will now analyse the information presented by Pakistan at its board meeting and issue the $1 billion tranche, according to the finance ministry.
The Federal Minister for Finance and Acting Governor of the State Bank of Pakistan (SBP) will sign the final version following the IMF board’s review.
According to TV channel sources, the IMF Executive Board meeting will likely take place on August 29, 2022.
“After months of economic and political uncertainties, [I am] happy to see Pakistan rupee and the stock market being top performers so far in August beating all other countries based on Bloomberg data.
The rupee is up 11 percent, while the KSE-100 Shares Index is up 22 percent in dollar terms,” said Mohammed Sohail, CEO at Topline Securities, on his official Twitter handle.
Pakistan’s rupee is one of the 14 world currencies that have posted gains versus the greenback together with Madagascar’s ariary, Israel’s shekel, Ugandan shilling, and Colombian peso.