ISLAMABAD
\nAs dollars keep flooding into Pakistan, the emboldened local rupee bulldozed American currency in the interbank trading on Thursday, skyrocketing by massive three and a half rupees. According to the data extracted from forex dealers, the US dollar has been plunged by Rs3.48 against the Pakistani rupee and was currently being traded at Rs274.
\nOn Wednesday, the Pakistani rupee had strengthened further against the US dollar, appreciating by 0.39% in the interbank market. At close, the currency had settled at 277.48, an increase of Rs1.09. The rise in the value of Pakistani rupee came after massive injections of dollars by Saudi Arabia, UAE and the approval of much-needed loan deal by the IMF.
\nThe International Monetary Fund (IMF) Wednesday approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of about $3 billion days after reaching a staff-level agreement with the country. \u201cToday, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities\u2019 economic stabilization program,\u201d the global lender said in a statement.
\nTaking to Twitter, Prime Minister Shehbaz termed the approval of IMF\u2019s SBA a major step forward in the government\u2019s efforts to stabilise the economy and achieve macroeconomic stability. \u201cIt bolsters Pakistan\u2019s economic position to overcome immediate- to medium-term economic challenges, giving next government the fiscal space to chart the way forward,\u201d he added.
\nHours before IMF board\u2019s decision, Federal Minister for Finance and Revenue Ishaq Dar had confirmed that Pakistan had received one billion dollars from United Arab Emirates (UAE). He said the UAE had transferred one billion dollars to the account of the State Bank of Pakistan.
\nHe said on behalf of the Prime Minister and the Army Chief, he was grateful to the UAE leadership for depositing one billion dollars to the State Bank of Pakistan\u2019s account. Finance Minister Ishaq Dar said after receiving the amount from the UAE and Saudi Arabia, Pakistan\u2019s foreign exchange reserves have increased by 3 billion dollars in just two days.
\nThe federal finance minister also confirmed that yesterday, two billion dollars were received from Saudi Arabia which supported the Pakistani economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD As dollars keep flooding into Pakistan, the emboldened local rupee bulldozed American currency in the interbank trading on Thursday, skyrocketing by massive three and a half rupees. According to the data extracted from forex dealers, the US dollar has been plunged by Rs3.48 against the Pakistani rupee and was currently being traded at Rs274. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-342944","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n