KARACHI: The Pak Rupee (PKR) gained 89 paisas against the dollar on Thursday after the International Monetary Fund (IMF) has approved 6th tranche under Extended Fund Facility (EFF) for Pakistan.
The rupee ended Rs175.52 to the dollar from previous day’s closing of Rs176.41 in the interbank foreign exchange market.
READ MORE: Rupee gains two paisas against dollar
The rupee is gradually making recovery against the dollar for the last seven consecutive days. The local currency recovered Rs1.46 against the dollar since recording at Rs176.98 to the dollar on January 26, 2022.
READ MORE: Dollar falls by 29 paisas against PKR
Currency experts said that the rupee remained positive during the day after the decision of the IMF Executive Board to release $1 billion 6th tranche of EFF program for Pakistan.
Analysts said that the transfer of IMF tranche would help the country to boost foreign exchange reserves and support the local currency.
READ MORE: Dollar slips five paisas to PKR
The foreign exchange reserves of the country deteriorated sharply. Pakistan’s liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.
