Rupee continues upward trajectory, gains Rs1.65 in interbank market

Rupee continues upward trajectory, gains Rs1.65 in interbank market. The rupee continued upward trajectory on Friday, extending its gains against the dollar for the sixth consecutive session.

According to the details, the greenback was being traded at RS225 after shedding Rs1.65 in early morning intraday trade.

A day earlier, the local currency jumped by Rs2.65 or 4.2 per cent in the interbank market and closed at Rs226.15.

After two weeks of battering against the dollar, the rupee fell to its lowest level against the dollar on July 28, closing at 239.94. It then started to bounce back.

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It is pertinent to mention that the International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) program.

Chief of Army Staff (COAS) General Qamar Javed Bajwa days after the phone call to US Deputy Secretary of State to help Islamabad secure an early dispersal of $1.2 billion in funds under an International Monetary Fund loan (IMF) programme, on Friday has now spoken with the authorities of the United Arab Emirates and Saudi Arabia to discuss the IMF programme.

The extended fund facility worth $1.2 billion with the IMF was discussed with the friendly countries, including the upcoming executive board meeting of the IMF which is expected to ratify the loan program.

As a result of the army chief’s communication, good news for Pakistan is expected soon.

It is pertinent to mention that Nikkei Asia reported that Gen Bajwa appealed to the United States to help Islamabad secure an early dispersal of $1.2 billion in funds under the IMF programme to avert the risk of debt default.