KARACHI: August 30, 2022: The rupee finally bounced back to gain value against US dollar on the news of approval of a bailout package by the International Monetary Fund (IMF).
The rupee gained Rs 2 in interbank and Rs 5 in the open market on closing of the currency market on Tuesday.
The rupee traded at Rs 220 in interbank and Rs 221 in open market at closing of the currency market. US dollar had closed at Rs 222 in interbank and at Rs 226 in open market a day earlier.
The rupee was under pressure for the last two weeks and losing its value to US dollar. On July 30, 2022 US dollar had gone down to Rs 212 in the interbank trading and as low as Rs 208 in the open market , and this trend continued till mid of August, then the rupee again entered into losing streak . Its value stood at Rs 222 in interbank trade and Rs 226 in open market on Monday.
However, with coming in of the news that IMF has approved bail out programme for Pakistan and its going to release a tranche of $ 1.17 billion in a week or so, the rupee took a strong position against US currency .
IMF’s support for Pakistan will help its economy improve in coming times putting it back on trade and subsequently help the rupee gain its lost value to us currency .
Forex Association of Pakistan (FAP) chairman, Malik Bostan Khan, believes the rupee is going to gain massively once the fund from IMF come in Pakistan’s kitty.
Talking to NEWSMAN , Mr Khan said ” Its good the rupee has gain considerable value against US dollar due to IMF deal but in his opinion , the local currency is going to gain massively once the fund pout into Pakistan’s kitty “.
Mr Bostan Khan added that the deadly floods have put a new challenge to the Pakistan and its people and he strongly believe Pakistan will come out of this crisis gracefully. He appealed to every Pakistani to come forward and contribute whatever is possible to help Pakistani brethren who are in difficult times due to flash floods.