Karachi February 14 2023: Pakistani Rupee gains PKR 2.34 against the dollar in Interbank as country submitted Draft of Memorandum of Economic and Financial Policy to IMF for reaching Staff Level Agreement.
Pakistan submitted a draft Memorandum of Economic and Financial Policy (MEFP) to the International Monetary Fund (IMF) for agreement, claimed by GEO News. According to their sources, the IMF will start negotiations after reviewing the draft provided by Pakistan. IMF will decide the date and time of the virtual talks after reviewing the draft.
The International Monetary Fund (IMF) and Pakistan resumed their talks on Monday, with Islamabad hoping that these virtual discussions lead to a deal that eases up ever-increasing pressure on the country’s ailing economy.
Pakistan Rupee gains PKR 2.34 or 0.9 percent in Interbank to trade at PKR 267.1 on Tuesday at PST 12:30. Rupee has recovered 3.5 percent or PKR 9.48 against the dollar in Interbank from low of PKR 276.58 hit on 3rd February 2023.
However, in open market dollar is trading at PKR 269.9 at PST 12:30 on Tuesday.
Bloomberg calculations show the free-floating rupee should stabilize at 266 to the dollar.
