Pakistani rupee fends off pressure against US dollar; up by 26 paisas

By: News Desk
Published: 10:25 AM, 1 Dec, 2022
Pakistani rupee fends off pressure against US dollar; up by 26 paisas
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Pakistani rupee appeared to be holding its ground against the US dollar in intrabank trading on Thursday as the greenback suffered a loss of 26 paisas, reported 24NewsHD TV channel.

According to the forex dealers, the US dollar depreciated by 26 paisas and ended the day at Rs223.69 against the Pakistani rupee.

The local currency closed at Rs223.95 against the greenback on Wednesday.

The market seemingly stabled for the law few days now as on the economic front the Pakistan government, in a key development, has sought support from the Bank of China to bring back macroeconomic stability. Finance Minister Ishaq Dar had briefed the president of the Bank of China, Liu Jin, about the country’s financial and fiscal conditions.

Moreover, Pakistan said it had received $500 million from the Asian Infrastructure Investment Bank (AIIB). “The funds are deposited with the SBP and will augment our reserves,” the finance minister said.

Pakistan is facing a cash crunch and its foreign exchange reserves held by the State Bank have declined to under $8 billion, while the country is scheduled to make a $1.08 billion bond repayment, which matures on December 5.

Reporter Ashraf Khan

Categories : Business