PKR appreciates by around one rupee in early trade on Chinese $2.3bn inflow

MG News | June 27, 2022 at 09:49 AM GMT+05:00

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June 27, 2022 (MLN): The Pakistani rupee (PKR) on Monday gained around one rupee against the greenback in early trade as the local unit is being traded at 207.03/207.53 per USD [9:49 PST], compared to the previous close of PKR207.48 per USD.

The positive sentiments stemmed in the interbank market after the State Bank of Pakistan (SBP) had received a $2.3 billion loan from a Chinese consortium on Friday.

As per expectations, in the wake of depleting foreign exchange reserves, the inflow has given some respite to the deteriorating rupee-dollar parity.

Meanwhile, the International Monetary Fund (IMF) is expected to send the draft of the Memorandum of Economic and Financial Policies (MEFP) to Pakistan today which would be a crucial step to validate that both sides have reached an agreement for the revival of $6bn program.

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