Rupee appreciates against US dollar slightly in interbank market

Karachi: Pakistani rupee appreciated against the US dollar in the interbank market, the State Bank of Pakistan on Wednesday.

Taking to Twitter, the central bank said that the rupee went up by 0.28 per cent against the greenback in the interbank market.  The rupee gained its value against the dollar after a week long hiatus.

Interbank closing #ExchangeRate for today https://t.co/bCE39AUrIe#SBPExchangeRate pic.twitter.com/wYKKMjGfY3

— SBP (@StateBank_Pak) June 14, 2023

The development took place at the moment when Pakistan and IMF locked horns over the much-awaited deal for revival ofthe loan programme  .

According to sources from the Finance Ministry, the officials from both the ministry and the IMF will hold virtual meetings in the upcoming days. There is a possibility that a special meeting of the IMF Executive Board may be called if a Staff Level Agreement is reached.

The Finance Ministry officials have stated that the $6.5 billion IMF loan program is set to conclude on June 30. However, Pakistan has received only $3.9 billion so far, with approximately $2.5 billion still pending from the IMF.

In order to secure additional funds, Pakistan needs to present a convincing budget, as stated by an IMF official. The IMF board will review the budget before deciding whether to release any portion of the pending $2.5 billion under the expiring lending program. Esther Perez Ruiz, the IMF's resident representative for Pakistan, mentioned that there is limited time for one final board review before the end of the $6.5 billion Extended Fund Facility (EFF) by the end of June.