Rupee appreciates 46 paisa on monetary tightening

Rupee appreciates 46 paisa on monetary tightening

KARACHI: The Pak Rupee (PKR) on Monday appreciated by 46 paisas against the dollar on Monday following tightening in monetary policy by the central bank.

The rupee ended Rs174.77 to the dollar as compared with last Friday’s closing of Rs175.23 in the interbank foreign exchange market.

The State Bank of Pakistan (SBP) on November 19, 2021 enhanced the key policy rate by 150 basis points to 8.75 per cent.

The appreciation in the rupee value was also supported by a statement issued by the IMF on Monday morning related to the next tranche to Pakistan under Extended Fund Facility (EFF).

The IMF announced that it had reached an agreement with the Pakistani authorities release of next tranche, which would be subject to completing conditions and approval of the IMF executive board.

The PKR hit all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.

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