September 01, 2022 (MLN): On the back of IMF's tranche, the Pakistani rupee (PKR) has strengthened by 2.25 rupees against the US dollar in early trade, compared to the previous close of 218.75 per USD.

The local unit was traded at 216.96/217.71 [9:49 PST] with trades being reported at 216.50 per USD. 

Yesterday, the State Bank of Pakistan (SBP) received proceeds of $1.16 billion under the Extended Fund Facility (EFF) for Pakistan. 

Making an announcement via its Twitter handle, the central bank said, "SBP has received d proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and eight review under EFF for Pakistan."

It will help improve SBP’s foreign exchange reserves and facilitate the realization of other planned inflows from multilateral and bilateral sources.

In addition to it, it will also ease pressure on local currency. 

Copyright Mettis Link News

Posted on:2022-09-01T09:50:06+05:00

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