Dollar falls by more than Re1 amid hopes of IMF funds release
According to the Forex Association of Pakistan (FAP), the greenback depreciated Rs1.45 against the previous day's close of Rs206 to reach Rs204.55 around 1:20pm. The FAP's closing rate of the last session shows a difference of 87 paisa from that of the State Bank of Pakistan, recorded at Rs206.87. Exchange Companies Association of Pakistan General Secretary Zafar Paracha attributed the international currency's fall to the possibility of the IMF releasing two combined tranches of around $1.85 billion instead of the initially expected single tranche of around $1bn. On Tuesday, Pakistan received the Memorandum of Economic and Fiscal Policies (MEFP) from the IMF for the combined seventh and eighth reviews of its $6 billion loan programme with Pakistan. The MEFP contains certain prior actions that would be necessary for implementation before the IMF board takes up Pakistan’s case for approval and the subsequent disbursement funds. According to the MEFP, Pakistan will have ...