Rupee Rises Further Against US Dollar 9th Day in a Row After IMF Confirmation

The Pakistani Rupee (PKR) maintained its positive growth against the US Dollar (USD) and posted big gains during intraday trade today. It appreciated by 1.57 percent against the USD and closed at Rs. 215.49 after gaining Rs. 3.38 in the interbank market today. The local unit quoted an intra-day high of Rs. 214.75 against the USD during today’s open market session. The local unit had gained over Rs. 4 against the greenback and was trading at Rs. 215 in the open market at 10:06 AM. By midday, the greenback continued to trade between 215-217 against the rupee. After 2 PM, the local unit was trading between 214-216 against the top foreign currency before interbank close. The rupee closed in green against the dollar for the ninth consecutive day today after the Finance Ministry received a Letter of Intent (LoI) from the International Monetary Fund (IMF), paving the way for the release of the next tranche of $ 1.17 billion under the lender’s bailout facility for the South Asian nation. Sources told ProPakistani that with the approval of the IMF board, it will take two days to release the long-awaited disbursement of the funds. The board would also consider adding $1 billion to the $6 billion program agreed on in 2019. Globally, oil prices slid on Friday and once again fell below $100 as recession fears overshadowed the demand outlook. Throughout the day, the oil market witnessed seesaw trends due to a great deal of uncertainty about overall demand in the short run. Brent crude was down by 1.15 percent at $98.45 per barrel, while the US West Texas Intermediate (WTI) fell and went down by 1.54 percent to settle at $92.89 per barrel. The PKR reported big gains against the other major currencies in the interbank market today. It gained 90 paisas against the Saudi Riyal (SAR), 92 paisas against UAE Dirham (AED), Rs. 1.89 against the Australian Dollar (AUD), Rs. 2.41 against the Canadian Dollar (CAD), and Rs. 5.19 against the Pound Sterling (GBP). Moreover, it gained Rs. 4.34 against the Euro (EUR) in today’s interbank currency market.