PKR recovers by over 1 rupee in early trade

MG News | June 22, 2022 at 10:00 AM GMT+05:00

0:00

June 22, 2022 (MLN): Snapping its long losing streak, the Pakistani rupee (PKR) has made a recovery of over one rupee against the greenback in the early trade in the interbank market mainly due to the positive news regarding the IMF tranche.

The local unit is being traded at PKR210.42/210.92 [10:03 PST], appreciating by 1.08 rupees compared to the previous close of PKR 211.48 per USD.

Positive sentiments in the market stemmed from the newsflow regarding the major development that surfaced on Tuesday night wherein Pakistan side and IMF reached an understanding on the federal budget for FY23.

Meanwhile, Finance Minister Miftah Ismail is hopefull that the IMF would increase the funding amount and bailout duration.

“I am also expecting that the duration of the program will be extended by a year and the amount of loan will be augmented,” he said. However, he added that the IMF had not yet committed to the changes.

Market experts opined that this positive breakthrough will give temporary respite to PKR.

Copyright Mettis Link News

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