Rupee gains 38 paisas on IMF funds approval for Pakistan

Rupee gains 38 paisas on IMF funds approval for Pakistan

KARACHI: The Pak Rupee gained 38 paisas against the dollar on Thursday as IMF approved transfer of $500 million to Pakistan under Extended Fund Facility (EFF).

The rupee ended Rs155.01 to the dollar from previous day’s closing of Rs155.39 in the interbank foreign exchange market.

Currency experts said that the market was remained positive due to approval of funds for Pakistan. A day earlier the IMF approved $500 million for Pakistan under EFF loan program.

Further, they said that the importers were remained cautious in placing new import orders due to rising case of coronavirus in the country.

The importers were expecting that the government would take harsh measures including strict lockdown in the wake of third wave of coronavirus.