USD continues with down-trend against Rupee

KARACHI: The US dollar on Friday continued its downward slide on the fifth consecutive day against the rupee with the greenback shedding around Rs16 in a week in the interbank amid assurance from the IMF for the release of a USD1.17 billion tranche.
In the interbank today, the US dollar shed Rs2.11 to trade at Rs224.04 while banks, according to forex dealers, are selling the greenback at Rs225.50. In the open market, the dollar traded between Rs220 and Rs222.
The US dollar continued its declining trend in the interbank and open market on Thursday after the greenback saw a historic decline of over Rs9 on Wednesday.
According to forex dealers, the US dollar slipped by Rs2.65 to trade at Rs226.15 as the banks sold it at Rs227. In the open market, the greenback traded between Rs223 and Rs224.
IMF on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) programme.
International Monetary Fund’s (IMF) resident representative in Islamabad Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.
Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.
Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting. –Agencies