IMF seeks report on rupee appreciation against US dollar

Islamabad: The International Fund (IMF) sought a report from Pakistan on the appreciation of Pakistani rupee against US dollar, reportedly.

According to media reports, technical level talks are underway between Pakistan and the IMF during which IMF has asked for a report on the action taken by the law enforcement agencies against the exchange companies.

It is reported that State Bank of Pakistan (SBP) fully implemented the market-based exchange rate under the IMF conditions and the Finance Ministry said that the action of the law enforcement agencies did not artificially increase the value of the rupee.

The Ministry of Finance opined that dollar rate fell due to the action against smuggling and illegal residents. The inflow increased in three months due to which the value of dollar depreciated during this time the government also made several payments.

State Bank officials will also provide more details to the IMF in the technical dialogue, reportedly.