PKR appreciates by another 2 rupees on IMF approval
MG News | July 04, 2019 at 09:51 AM GMT+05:00
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July 4, 2019 (MLN): Following the International Monetary Fund (IMF)’s approval on a $6 billion Extended Fund Facility (EFF) for Pakistan, the Pakistani currency strengthened by 2 rupees at open in today’s interbank trade.
PKR opened the session at 155.5/156.5 per dollar against yesterday’s closing quote of PKR 157.6 per dollar. Meanwhile, deals have been reported at Rs.156 per dollar at 9:50 am (PST).
The Executive Board’s approval allows for an immediate disbursement of SDR716 million (or about US$1 billion) while the remaining amount will be phased over the duration of the program, subject to four quarterly reviews and four semi-annual reviews.
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