Business | Economy
IMF accord lifts currency in Pakistan
The Pakistani rupee firmed 0.4 per cent on Monday, following the government's agreement with the International Monetary Fund (IMF) for a $7.6-billion (Dh27.89 billion) emergency loan, dealers said.
- Reuters
- Published: 23:29 November 17, 2008
Karachi: The Pakistani rupee firmed 0.4 per cent on Monday, following the government's agreement with the International Monetary Fund (IMF) for a $7.6-billion (Dh27.89 billion) emergency loan, dealers said.
The rupee was quoted closing at 79.80/90 to the dollar, compared with Saturday's close of 80.15/25.
Dealers said they expected the rupee to stabilise, at least in the short term, following the IMF accord, having already lost 23 per cent against the dollar this year as a balance of payments crisis developed.
"There were few payments today but the rupee seems to have firmed following the IMF announcement on Saturday," said a currency dealer.
The IMF said on Saturday its executive board is expected to meet shortly on the 23-month standby credit after IMF and Pakistan agreed on a reform programme.
Pakistan had been in talks with the IMF for months, but officials had been coy about admitting they were seeking an IMF package because of the harsh conditions the Fund often proposes.
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