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Rupee gets more value against dollar in inter-bank market

Development comes after UAE's $1b investment announcement, IMF update on loan
Updated 10 Aug, 2022 01:19pm


KARACHI: The rupee’s upward trajectory against the dollar continued on Wednesday, as it gained Rs2.54 in the inter-bank market. The greenback was being traded at Rs221.01.

The development comes against the backdrop of $1 billion of investment from the United Arab Emirates and the update on the International Monetary Fund tranche, which last week said Pakistan met the last prior action of the global lender pertaining to the bailout package.

The rupee had gained Rs4.03 in the early morning trade, however, the dollar got some recovery later on.

The Pakistan Stock Exchange also showed positive momentum at the start of trading as the KSE-100 index had gained 632.51 points or 1.5% by 10:45am to reach 42,728.75 points.

Finance Minister Miftah Ismail last week confirmed that the United Arab Emirates would invest in Pakistan stocks on a “buy-back basis” (reinvestment), a day after the Gulf country’s state agency shared the update.

The finance czar had described it as beneficial for the country. It was the second investment from the region after Prime Minister Shehbaz Sharif on a visit to Karachi said that Saudi Arabia was willing to invest $1 billion in the country. He had asked investors to devise a plan for the inflow.

PM Shehbaz on Tuesday welcomed the UAE announcement. He expressed these views as he held a telephonic conversation with UAE President Sheikh Mohamed bin Zayed Al Nahyan.

Pakistan had met the IMF’s last prior condition with the increase in petroleum development levy. The government on August 1 decreased the price of petrol by Rs3.05 per litre, while the price of high-speed diesel was increased by Rs8.95 per litre, owing to the fluctuation in fuel prices in the international market.

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