US dollar stays steady against Pakistani rupee

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US dollar stays steady against Pakistani rupee
US dollar stays steady against Pakistani rupee
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The US dollar held steady against the Pakistani rupee in the inter-bank market on Tuesday despite losing eight paisas.

The greenback which ended the day at Rs176.73 against the rupee on Monday, was trading at Rs176.65 on Tuesday.

The firmness in the money market was witnessed despite the acceptance of Pakistan’s request by the IMF to delay its board meeting on Jan 12 to evaluate the country’s 6th review of the $6 billion Extended Loan Facility until the end of the current month.

Spokesperson to Finance Minister, Muzzammil Aslam wrote in his tweet on Monday: “International Monetary Fund has agreed to reschedule meeting of its board of directors on Pakistan’s request for approval of 6th review of the Extended Fund Facility.”

The spokesperson said that the Supplementary Finance Bill, 2021 and State Bank of Pakistan Autonomy Bill have been presented in the National Assembly and after the passage of the bills, the IMF executive board would mull releasing the next tranche to Pakistan.

The Finance Ministry formally sent a request to the IMF urging it to delay its executive board meeting slated to be held on Jan 12. The Fund while accepting the request put off its review until the end of January.

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