ISLAMABAD
Delays faced by Islamabad in resuming the International Monetary Fund (IMF) program have helped the US dollar snap the rupee’s week-long streak of making gains against the greenback, as it slid by Rs2.38 on Tuesday.
According to the State Bank of Pakistan, the interbank market on Tuesday closed with the US dollar trading for Rs206.94. This was up by Rs2.38 from the previous day’s close of Rs204.56. Earlier, during the intraday trading, the dollar had soared to as high as Rs207 as well.
On Monday, the US dollar had finished weaker by 29 paisas, having lost ground from last week’s close of Rs204.85 to close at Rs204.56.
On Monday, Federal Finance Minister Miftah Ismail had moved to quash rumors that the Extended Fund Facility (EFF) program with the International Monetary Fund (MF) had been derailed.
In a series of messages posted on microblogging platform Twitter, Miftah said that there had been some tweets and stories that the IMF program had been postponed or delayed due to some anti-corruption law. He refuted the rumors as lacking truth and affirmed that the program was on track.
“I have been reading with some amusement all the tweets and stories about IMF program being postponed or delayed due to some anti-corruption law. There is no truth to it. The IMF program is on track,” he tweeted.
