PKR strikes back, gains 1.07 rupees against US dollar

KARACHI (INN) – The rupee snapped its losing streak against the US dollar, gaining Rs1.07 in the interbank market as Pakistan receives the draft Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund for the combined 7th and 8th reviews.

According to details, the dollar closed Rs206.87, against Monday’s close of Rs207.94.

In open market, local currency also posted gains and was being traded around Rs207 against the greenback.

Earlier in the day, Finance Minister while making the announcement on Twitter, said that early this morning, the Government of Pakistan has received an MEFP from the IMF for combined 7th and 8th reviews”.

The draft MEFP is a prerequisite for paving the way for moving towards striking a staff-level agreement.

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