The Pakistani rupee gained nominal ground against the US dollar Tuesday after the International Monetary Fund’s (IMF) executive board revived the much-awaited bailout programme for Islamabad.
The rupee appreciated by 1.8 to 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.
Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha told Geo.tv that he expects the local unit to keep appreciating and fall to 200 in the coming days.