Rupee Devalued By PKR 7 in 30-Days, SBP Receives $500Mln from AIFB

dollar stacks

Karachi (Business Reporter): Pakistan received $500 million from Asian Infrastructure Investment Bank. Pakistan received $1.725 billion this week to from international banks.

SBP had received earlier this week 500 million dollars each from World Bank and Asian Development Bank.

Meanwhile, Pakistani rupee devalued by more than PKR 7 since Eid holidays. Dollar closed at PKR 160.92 on May 21, the last session before Eid holidays. Dollar closed at PKR 167.66 on June 26, 2020.

Just in the month of June, Pak Rupee shed more than three rupees in the last 13 days. Dollar was traded at PKR 164.24 on June 12, 2020.

Traders said demand for oil and other import related payments along with some loan payments pushed dollar up by PKR 3.42 in the last 13 sessions. Opening of Internationale flights had also improved dollar demand as a large number of dual nationals and foreigners started to leave Pakistan. They said dollar may touch PKR 168 before June 30 as State Bank is not showing any interest to meet local demand. An exchange rate adjustment is continued for the last few days.

SBP Twit on June 26

SBP twit on June 12

SBP Twit on May 21, 2020

Be the first to comment

Leave a Reply

Your email address will not be published.