KARACHI: Nov 29, 2022: With the news that International Monetary Fund (IMF) and government have reached closer to reach to an understanding on resumption of the bailout package, the currency market has responded positively.
After losing for around two weeks to US dollar, the rupee on Tuesday showed some upward tend in its value. The rupee made slight gain of 15 paisa which drag down its value to Rs 223.85 against US currency in interbank.
In open market , the rupee is stable for the last around two weeks. It observed no change and remained pegged at Rs 228.75.
Other major currencies like Saudi Riyal and UAE dirham also showed upward trend in domestic market during the second working session. Saudi Riyal which had closed at Rs 63.00 soared to Rs 63.30 and UAE dirham jumped up to Rs 65.40 against its last day value of Rs 65.00.
There were some reports in the media which suggested that IMF and Pakistan are around to reach an understanding on the terms of the donor for securing of another tranche of $ 1.1 billion.
IMF had agreed to the government for release of remaining $ 3.2 billion to Pakistan and it had dispatched an installment of $ 1.17 some two months ago, but it stopped the next installment when Finance minister, Ishaq Dar, had defied the terms attached with the bailout package for providing relief to the masses by reducing the rates of the petroleum products.