Pakistani Rupee Again Loses Value Against US Dollar Amid Facing Economic Crisis, Closes at 278.40 PKR
According to the State Bank of Pakistan (SBP), the American dollar appreciated by 11 paise against the local currency to PKR 278.40 from PKR 278.29 a day earlier.
Islamabad, April 18: Facing an economic crisis, the Pakistani currency has been losing its value against the US dollar and remained under pressure for the third consecutive session on Wednesday, Dawn reported on Thursday. According to the State Bank of Pakistan (SBP), the American dollar appreciated by 11 paise against the local currency to PKR 278.40 from PKR 278.29 a day earlier.
Dawn reported that the currency dealers said there was no obvious reason for the recent appreciating trend for the dollar. They maintained that the weaknesses in the exchange rate is known for years and the market behaves according to information about the availability of the dollars in the market, the reserves of the SBP, and the possibility of inflows in the future. Pakistani Rupee Falls to Record Low of PKR 200 Against US Dollar.
The Pakistani rupee depreciation against the American dollar comes when the Saudi Arabian delegation and a team of the International Monetary Fund team are visiting Islamabad. The Saudi delegation has assured investment in Pakistan, but it may take time since the kingdom has initiated the groundwork for identifying sectors and projects for future investments. The Saudi government announced last year that it had changed its strategy to support Pakistan with loans, aid, or grants; instead, investments could be made to help the country, Dawn reported. Pakistan Economic Crisis: IMF Tells Cash-Strapped Pakistan To Collect More Taxes From Rich and Protect the Poor.
However, the Saudi government has already placed USD 2 billion in the account of the State Bank to support the weak foreign exchange reserves of the SBP. It did the same in the past. Banking sources said the Saudi government had deposited USD 5 billion in the SBP account.
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)