US Dollar Rises to Rs278.60 as IMF Delays $7 Billion Bailout for Pakistan
US Dollar Continues to Strengthen Against Pakistani Rupee
The US dollar continued to rise in the interbank market, increasing by eight paisas on Thursday to reach Rs278.60. This follows a gain of 11 paisas on Wednesday, when the dollar was valued at Rs278.45.
The dollar’s ascent comes amid a further delay in the approval of a crucial $7 billion bailout package from the International Monetary Fund (IMF) for Pakistan. Sources reveal that Pakistan’s name was absent from the latest IMF Executive Board meeting schedule, which covers dates through August 30.
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The IMF board will review loan applications from three countries, including Vietnam, between August 28 and 30. Pakistan’s request for a new loan program has been postponed until next month, extending the country’s wait for much-needed financial support.
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