June 22 2022: Pakistani Rupee gains 3.9 in the interbank trading against the Dollar after falling for 10 days as finance minister confirms $2.3 billion from China amid government secured the much-anticipated deal with the International Monetary Fund (IMF) and clearance from SBP on reserves.
Rupee is trading at 208 against the dollar after gaining 3.94 rupee in the interbank against yesterday closing of 211.93
The Chinese consortium of banks had yesterday signed the RMB 15 billion (~$2.3 billion) loan facility agreement after it was signed by the Pakistani side the day earlier, says Pakistan Finance Minister Miftah Ismail.
He added, “Inflow is expected within a couple of days. We thank the Chinese government for facilitating this transaction.”
The development comes after nine days of continuous decline in the rupee’s value, which has been largely attributed to the country’s rising import bill and depleting foreign exchange reserves.
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