KARACHI, Nov 25: The rupee firmed on Tuesday a day after the International Monetary Fund (IMF) approved a $7.6 billion loan to avert a balance of payments crisis.

Pakistan will get immediate access to $3.1 billion under the 23-month facility, with the rest phased in subject to quarterly review, the fund said. The package means Pakistan will be able to cover an international sovereign bond maturing in February.

The rupee was quoted closing at 78.72/82 to the dollar, compared with Monday’s close of 78.90/79. “The rupee firmed due to improved sentiment after the IMF approved $7.6 billion for Pakistan,” said a currency dealer in Karachi.

Dealers said the rupee was traded at 78.40 early in the day but eased slightly because of some import payments.

The currency has recovered 7.2 per cent from a low of 84.40 on Oct 17, as the markets anticipated an IMF rescue and the central bank dipped into reserves to help meet import requirements.

The rupee has lost 21.7 per cent since the beginning of the year while total foreign exchange reserves dwindled to the equivalent of nine weeks of imports.

—Reuters