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Dollar falls by 50 paisa amid hopes of IMF funds release - Pakistan

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The US dollar was seen losing ground against the rupee in interbank trading on Wednesday morning as it fell by 50 paisa, with analysts linking the development to optimism surrounding the expected release of loan tranches by the International Monetary Fund (IMF). According to the Forex Association of Pakistan (FAP), the greenback depreciated Rs1.45 against the previous day's close of Rs206 to reach Rs204.55 around 1:20pm. The FAP's closing rate of the last session shows a difference of 87 paisa from that of the State Bank of Pakistan, recorded at Rs206.87. By closing time on Wednesday, the greenback was being traded at Rs205.50 in the interbank. Exchange Companies Association of Pakistan General Secretary Zafar Paracha attributed the international currency's fall to the possibility of the IMF releasing two combined tranches of around $1.85 billion instead of the initially expected single tranche of around $1bn. On Tuesday, Pakistan received the Memorandum of Eco...
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ECP likely to announce verdict this week, say sources

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The head office of the Election Commission of Pakistan. -Geo News screengrab ISLAMABAD: The Election Commission of Pakistan (ECP) is expected to announce the verdict in the PTI foreign funding case this week as pressure mounts on the constitutional body from the ruling alliance after the explosive Financial Times article on the Imran Khan-led party's funding. The UK paper revealed that the PTI received funding from Wootton Cricket Club of Abraaj founder Arif Naqvi which was generated through a charity match and an Arab personality. The FT report provided ammunition to the Pakistan Democratic Movement (PDM) and they demanded an early announcement of the verdict which was reserved on June 21. ECP officials told Daly Jang  , on the condition of anonymity, that the Election Commission will announce the foreign funding verdict during the first week of August. The sources said that the PTI will only harm itself if it files a reference against Chief Election Commissi...
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