Despite flood losses, the rupee continues to climb against the dollar.

Despite the flood crises causing economic and humanitarian losses in the nation, the Pakistani rupee kept rising against the dollar in the interbank market on ThursdayAs of 10:10am, the dollar had lost Rs1.5 and was trading at Rs217.25 in intraday activity on the interbank market.

Since Pakistan was saved from the risk of going into debt by the International Monetary Fund, the unit has lost Rs4.67 during the last three sessions.According to government authorities, the flood damage is estimated to have cost more than $10 billion. They also said that the globe had a responsibility to assist the South Asian nation in coping with the repercussions of man-made climate change.

The International Monetary Fund’s deposit of a much-needed $1.16 billion was the primary factor in the rupee’s upward trajectory (IMF)Following the completion of the combined seventh and eighth evaluations under the Extended Fund Facility (EFF) for Pakistan by the IMF Executive Board, the bank reported that it had received funds totaling USD 1.16 billion (or SDR 894 million) as of today.

The money will increase the SBP’s foreign exchange reserves, according to the bank.The announcement stated that “[it] will also allow realisation of other planned inflows from multilateral and bilateral sources.”

Pakistan is anticipated to get funding from global and bilateral organisations in addition to friendly nations with the restart of the IMF programme.Dr. Khaqan Hassan Najeeb, an economist and former consultant to the federal ministry of finance, stated that while the IMF programme’s restart would undoubtedly help Pakistan increase its dwindling foreign exchange reserves, the flood destruction has heightened the country’s need for external assistance.