PKR to keep on marching: Shaukat Tarin

February 5, 2022 (MLN): As a result of IMF's board approval to release the 6th tranche worth $1.053 billion, the Pakistani rupee (PKR) witnessed a sharp recovery against the US dollar and going forward the local unit will continue its gaining momentum, Finance Minister Shaukat Tarin said through a video message on Saturday.

“I had warned the dollar hoarders and speculators that PKR would change its direction,” he added.

He also advised them to keep intact the trust in the local currency as it will gain more ground in the interbank market.

It is pertinent to mention that the PKR has appreciated 1.89 rupees during the last two trading sessions right after the IMF's approval. Throughout the week, the domestic unit managed to gain over two rupees on the back of macroeconomic stability.

In a recent development, the tranche has been well received by the State Bank of Pakistan (SBP) on Friday after the successful completion of the 6th review of the Extended Fund Facility (EFF) programme for Pakistan.

Pertaining to the crucial visit of China, he informed that the delegation will meet the higher authorities of China today and tomorrow and the discussions will bring fruitful results for Pakistan’s economy.

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