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Rupee further shoots against dollar in inter-bank market

Announcement comes after Pakistan received letter of intent from IMF; positive momentum seen in stock exchange
Updated 15 Aug, 2022 04:26pm
<p>Pakistan received the letter of intent (the document outlining the general plans of an agreement) from the global lender on Friday. AFP/File</p>

Pakistan received the letter of intent (the document outlining the general plans of an agreement) from the global lender on Friday. AFP/File

KARACHI: The rupee closed at Rs213.98 against the dollar in the inter-bank market on Monday, gaining Rs1.51 against the greenback, as Pakistan gets close to a green signal from the International Monetary Fund and the United Arab Emirates announcement to invest $1 billion in Pakistan.

Pakistan received the letter of intent (the document outlining the general plans of an agreement) from the global lender on Friday. The document was a key to Pakistan getting its loan, sources said, adding that the country needed to sign off on it and dispatch it to the global lender.

Finance Minister Miftah Ismail confirmed on Saturday that the UAE would invest $1 billion in Pakistan stocks on a “buy-back basis” (reinvestment) and described it as beneficial for the country.

But, the finance czar while addressing a press conference at the Karachi Chamber of Commerce and Industry stressed the need for export-based growth to boost the economy.

Positive momentum in stock exchange

The Pakistan Stock Exchange continued its positive momentum on Monday, rising by more than 700 points shortly after trading opened.

The benchmark KSE-100 index gained 764.25 points to reach 43,627.82 points.

Pakistan emerges 24th largest economy in 75 years journey

Pakistan has emerged the 24th largest economy in 75 years journey, Miftah said in the document on the country’s economic journey.

“Given the current economic fundamentals and sound economic policies being adopted by the present government, Pakistan is all set to become an economic powerhouse of the world,” he said.

It shared the following details:

  • Nominal GDP rose from $3 billion to $383 billion from 1950-2022
  • GDP growth (%) in 1950 (1.8%) and in 2022 (5.97%)
  • Per capita income rose from $86 to $1,798 from 1950-2022
  • Exports rose from $163.9 million to $32.5 billion from 1950-2022
  • Tax revenues rose from Rs0.31 billion to Rs6,126.1 billion
  • Agriculture accounted for 59.9% of the total GDP in 1949-50

Miftah added that trade and economic ties with different countries also improved its financial situation.

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