The dollar fell by Rs3.29 against the rupee in the inter-bank market, traders’ data showed on Friday. The US currency was being traded at Rs279 in the early morning trade.

The development comes a day after Finance Minister Ishaq Dar said that the country was expected to sign an agreement with the International Monetary Fund in the “next few days”.

The IMF deal would allow the inflow of over $1 billion to Pakistan under the stalled funding programme, leading to more funds from friendly countries and other donors.

Dar vowed that he and his team were “absolutely committed” to completing the IMF programme. Though Pakistan has taken measures to implement the conditions required to secure the IMF loan, the lender has asked the country to give an assurance that its balance of payments deficit is fully financed for the fiscal year ending in June.

“All IMF programme reviews require firm and credible assurances that there is sufficient financing to ensure that the borrowing member’s balance of payments is fully financed … over the remainder of the programme,” fund’s resident representative Esther Perez Ruiz told Reuters earlier this week.

But, Uzair Younus, who is the director for the Atlantic Council’s Pakistan initiative, argued that even if Pakistan got the IMF dollars, the money was not going to make that much difference.

“If $10 billion were to fall from the sky even then, in my estimate, in the next four to six months you’d be back to zero because your problems have become so bad in your economy,” he told Aaj News on March 07, 2023.

This is an initial story and will be updated accordingly.