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Interbank US dollar rate goes down by Rs 3.93

Updated 23 Jun, 2022
<p>A trader shows U.S. dollar notes at a currency exchange booth.
Photo by: Reuters</p>

A trader shows U.S. dollar notes at a currency exchange booth. Photo by: Reuters

The interbank US dollar rate showed significant improvement today as buyers and sellers exchanged currency at the rate of Rs 208, Rs 3.93 lower than yesterday’s closing rate.

“The State Bank of Pakistan clarified yesterday that the banks had no scarcity of dollars.” said news reporter Safdar Abbas. “The payment of dollars is in process.”

“The reduction in the interbank rate is due to Pakistan’s negotiations with the IMF,” he added. “Positive news was also received from China regarding a $2 billion spending on Pakistan.”

On Wednesday, June 22, Pakistan and the IMF made progress on the budget measures for 2022-23. There were important developments in the negotiations, however, the IMF loan was dependent on Pakistan’s ability to meet certain macroeconomic goals.

Open market rate

The dollar is being sold at Rs 210 in the open market.