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.
Heavy rains expected across country from July 6-10
- 4 hours ago
30 Indian-sponsored Khawarij killed trying to infiltrate from Pak-Afghan border
- 4 hours ago
Facebook is starting to feed its AI with private, unpublished photos
- 9 minutes ago
Mobile service to be suspended amid security concerns in Peshawar
- 2 hours ago
Pakistan wins Asian Youth Girls Netball Championship
- 4 hours ago
Five-storey building collapses in Kaeachi, 4 bodies recovered from rubble
- 2 hours ago
President Trump calls himself ‘best candidate’ for Nobel Peace Prize
- 6 hours ago
Joby delivers first aircraft to Dubai as air taxi service nears launch
- 9 minutes ago
Shubman Gill’s record-breaking double century against England
- 6 hours ago
Muharram 8: High security in Punjab, over 58,000 cops deployed
- 3 hours ago
The unbearable obviousness of AI fitness summaries
- 9 minutes ago
Tauqeer Nasir removed from chairmanship of Punjab Film Censor Board
- an hour ago
