Rupee posts historic appreciation against US dollar, recovers by Rs9.59

Rupee posts historic appreciation against US dollar, recovers by Rs9.59. The Pakistani Rupee (PKR) on Wednesday continued its winning streak in interbank and open market against the dollar.

According to details, the US dollar lost Rs9.59 in the interbank against the rupee and closed at Rs228.79. In the open market, the greenback was being traded at Rs230.

A day earlier, 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.

The rupee has recovered for a third consecutive session after weeks of persistent declines in its value which has been largely attributed to the ease in import payments.

Read more: Rupee nosedives to 239.94 against US dollar

The IMF said on Tuesday that Pakistan has fulfilled all previous actions by raising the Petroleum Development Levy (PDL) on petroleum products.

The IMF representative said that Pakistan has fulfilled the pre-conditions for joint seventh and eighth reviews.

This condition was fulfilled by increasing the PDL on July 31. Along with this, Pakistan has also completed the preliminary process for the seventh and eighth reviews.

The IMF representative said that a board meeting would be convened once adequate financial assurances will be confirmed.

The board meeting can be tentatively called on August 24.

The representative said that the UAE, Saudi Arabia and China have given adequate financial assurance to provide the necessary financial support through the privatization process.