Rupee rebounds on positive news of Chinese loan, IMF programme

NBP Exchange Rates

ISLAMABAD, Jun 23 (APP):Exchange rate of Pak Rupee rebounded on Thursday in the wake of good news of loan from China and a possible deal with the International Monetary Fund (IMF) as the PKR recovered Rs 4.70 against the US Dollar in the interbank trading and closed at Rs 207.23 against the previous day’s closing of Rs 211.93.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs 206.5 and Rs 209.5 respectively.

With news of the foreign currency inflows, the market reacted promptly as a panic created among the holders of foreign currency who started selling dollars in the market immediately after the news of the agreement.

The Chinese consortium of banks on Wednesday signed an RMB 15 billion ($2.3 billion) loan facility agreement with Pakistan.

Finance minister Miftah Ismail in his tweet said the inflow was expected within a couple of days.

revival of extended fund facility.

The price of Euro was depreciated by Rs 5.01 and closed at Rs 217.73 against the previous day’s closing of Rs 222.74.

Meanwhile, Japanese Yen lost three paisas to close at Rs 1.52, whereas a decrease of
Rs 6.61 was witnessed in the exchange rate of British Pound, which was traded at Rs 252.20 as compared to its last closing of Rs 258.81.

The exchange rates of Emirates Dirham and Saudi Riyal decreased by Rs 1.26 to close at Rs 56.41 and Rs 55.22 respectively.