The local unit weakens amid delay in funding from the friendly countries
Karachi: The Pakistani rupee continued losing its value on Thursday as it declined against the dollar for the 10th consecutive session.
According to the data released by the State Bank of Pakistan (SBP), in the interbank market, the rupee depreciated by Rs1.56 to Rs235.88, down in value from the previous close of Rs234.32 against the dollar
A delay in funding from friendly countries, apart from the loans expected from multilateral and bilateral institutions, is the major factor behind the depreciation.
Interbank closing #ExchangeRate for todayhttps://t.co/jGMzuWe0AB pic.twitter.com/cfR8OCXbAx
— SBP (@StateBank_Pak) September 15, 2022
The International Monetary Fund (IMF) provided the much-needed $1.17 billion bailout package to Pakistan after assurances from friendly countries such as Saudi Arabia and the United Arab Emirates.
However, the pressure on the local unit is persisting as the friendly countries and financial institutions are yet to provide the much-awaited financial help.
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