Karachi August 12 2022: Pakistan Rupee appreciate for the ninth consecutive day to trade near 215 against dollar in the interbank on lower external debt repayments in the month of August amid higher export-related receipts and optimism that country is inching toward securing the International Monetary Fund bailout amid crackdown on foreign exchange dealers.
The rupee appreciates by PKR 3.78 in the interbank to trade at 215.1 against dollar.
SBP expect debt repayments to moderate during the next three weeks of this month.
In fact, around three-fourth of debt servicing for the month of August was concentrated during the first week.
The worst may be over for emerging Asian currencies as slower-than-expected US inflation eases pressure on the Federal Reserve to aggressively raise interest rates, according to DBS Group Holdings Ltd. and Malayan Banking Bhd.
Pakistan has met the last prior action for the combined 7th and 8th review following the increase in petroleum levy on 31st July 2022, says IMF country representative to Pakistan Esther Perez Ruiz.
The Board meeting is tentatively planned for third week of August as per Governor State Bank of Pakistan.
