Wednesday August 31, 2022

Dollar Devaluation Continues In Inter-Bank Market

Karachi: Dollar devaluation continued today (Wednesday) as the greenback got cheap by Rs 1. 12 in the inter-bank market.

The dollar is trading at Rs 219 after decreasing Rs 1.12

The Pakistani rupee snapped its losing streak and started gaining ground in the interbank market yesterday as the International Monetary Fund’s (IMF) executive board approved the revival of Pakistan’s Extended Fund Facility (EFF) programme.

The local unit appreciated by Rs1.8 to settle at 220.12 against the US dollar in the interbank market, down from Monday’s close of 221.92, according to data from the State Bank of Pakistan (SBP).

After months-long hectic efforts, the global money lender approved the seventh and eighth reviews of the stalled $6 billion Pakistan programme, government officials announced Monday night.

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