Dollar plunges to PKR 173.61 at market open

Dollar plunges to PKR 173.61 at market open

KARACHI: The US dollar witnessed a significant fall of Pak Rupee (PKR) 1.63 at the start of the foreign currency market on Monday.

The dollar is being traded at Rs173.61 in the interbank foreign exchange market. The rupee ended at Rs175.24 to the dollar on Friday.

Currency analysts said that the rise in interest rates and IMF statements regarding the release next tranche helped the rupee to make gains.

The State Bank of Pakistan (SBP) on November 19, 2021, increased the interest rate by 150 basis points to 8.75 per cent to help the local currency and arrest surging inflation.

Furthermore, the IMF issued said that subject to approval from the executive board it would release an amount of $1.059 billion as the next tranche under Extended Fund Facility (EFF) for Pakistan.

The IMF said that it had reached a staff-level agreement with Pakistani authorities. It, however, said that the release of funds will be subject to completing prior actions.

The rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021.

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