Money markets seem to have loved Pakistan’s show of greater commitment to IMF-led economic reform.
By Staff Reporter
KARACHI: The Pakistani rupee bounced back against the dollar in the morning trading Wednesday on the news of the authorities’ reaching a broad deal with the International Monetary Fund (IMF) on budgetary targets.
Early morning trading in the interbank market saw the greenback slide by PKR 1.80, pushing the rupee to PKR 210 to a dollar from Tuesday’s close at PKR 211.80.
The dollar’s upward march against the rupee continued for the last couple of weeks over uncertainty about the IMF deal, further gutting Pakistan’s alredy beleaguered economy .
The progress achieved in the parleys with the IMF paves the way for the revival of a stalled Enhanced Fund Facility (EFF) program for Pakistan, which, in addition to unlocking about a billion dollars in immediate monetary assistance from the Fund, will allow Pakistan to tap the international debt market to meet its financing needs.
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