Today’s dollar rate in Pakistan,17 Aug 2022
On Wednesday, the US dollar strengthened against the Pakistani rupee, reversing nearly a week of downward trend for the greenback after top unity government officials, including Nawaz Sharif, rebuked Finance Minister Miftah Ismail for raising the price of petroleum prices in the country.
The dollar increased by Rs0.09 against the rupee, trading at Rs213.99 in the interbank while banks are selling it for Rs214.50, according to forex dealers.
The price of a US dollar in the open market ranges from 213 to 211 rupees.
Moreover, sources in the Ministry of Finance have stated that all barriers to the loan revitalization deal between Pakistan and the IMF have been removed.
The Pakistani rupee is anticipated to perform significantly better in the coming days.
The Pakistani government issued a letter of acceptance to the IMF on Monday, according to the Ministry of Finance.
The IMF will now analyze the information presented by Pakistan at its board meeting and issue the $1 billion tranche, according to the finance ministry.
The Federal Minister for Finance and Acting Governor of the State Bank of Pakistan (SBP) will sign the final version following the IMF board’s review.
According to TV channel sources, the IMF Executive Board meeting will likely take place on August 29, 2022.
“After months of economic and political uncertainties, [I am] happy to see Pakistan rupee and the stock market being top performers so far in August beating all other countries based on Bloomberg data.
The rupee is up 11 percent, while the KSE-100 Shares Index is up 22 percent in dollar terms,” said Mohammed Sohail, CEO at Topline Securities, on his official Twitter handle.
Pakistan’s rupee is one of the 14 world currencies that have posted gains versus the greenback together with Madagascar’s ariary, Israel’s shekel, Ugandan shilling, and Colombian peso.
