ISLAMABAD:  The Pakistani rupee (PKR) scaled up against the US dollar on Tuesday during intraday trade after the International Monetary Fund's (IMF) executive board revived the much-awaited bailout programme for Islamabad. In intraday trade on the interbank market, the PKR rose by 2.42 points to 219.50 US dollars from Monday's close of 221.92, according to reports.

Officials from the government revealed on Monday night that the international lender had cleared the seventh and eighth reviews of the $6 billion Pakistan initiative after months of frantic work.

Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (ECAP), predicted that the local unit will continue to rise and eventually reach 200. Paracha emphasised that the government's efforts to tighten its belt after the contract finally materialised after much delay resulted in an upsurge in smuggling.

Pakistan's Extended Fund Facility (EFF) programme has been revived with the IMF's executive board's approval, and the cash-strapped nation will now receive the 7th and 8th tranches, totaling USD 1.17 billion.

The IMF board's approval is anticipated to stop Pakistan's currency reserves from steadily declining, strengthen the rupee, and support the balance of payments.

Earlier this month, New York-based Credit rating agency S&P Global revised Pakistan's long-term ratings from 'stable' to 'negative' in view of  the spiralling inflation and tighter global financial conditions.

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