In a situation where the entire world economy is in recession, a good news has emerged today for Pakistani economy on the external front. The Pakistani Rupee appreciated nearly 2% in the inter-bank market and reached Rs. 163.57 on April 17, 2020 against Rs. 166.88 on previous day.
The increase in the value of rupees is primarily linked with the economic reliefs and approval accorded by the G-20 and IMF. On April 16, 2020, the IMF Board accorded approval of $ 1.4 billion financing to Pakistan under the Rapid Financing Instrument (RFI) to help reduce the economic impact of the Corona virus disease outbreak. Earlier, the Group of 20 leading economies announced to provide temporary debt relief until the end of this year for developing countries including Pakistan.
Overall the above economic reliefs have subdued the pressure on the Current Account. Previously, on April 7, 2020, the rupee value suddenly plunged to reach all time low of Rs. 167.89.
