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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. 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. 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. (ANI)
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