Saudi package for Pakistan triggers Dollar fall by Rs 1.89 at interbank
Last updated on: 25 October,2018 10:15 am
Following the slip, dollar value is traded around Rs132.03.
KARACHI (Dunya News) – The value of US dollar declined by Rs1.89 against Pakistani Rupee in interbank market on Wednesday.
In open market its value was recorded as Rs133 after a decline by 90 paisa.
Following the slip, dollar is being traded around Rs132.03. The buying price of dollar is Rs131.50 while selling price is Rs133.
With the decline in the dollar value, the national debt has also reduced by Rs179 billion predicting an economic stability.
The drop has been seen after the Saudi Arabia announced US$12 billion package for four years, i.e $3 billion per year as balance of payment support.
Amid its dwindling economic situation, An MoU was signed by Finance Minister Asad Umar and his Saudi counterpart under which Riyadh will place a deposit of US$3 billion for a period of one year as balance of payment support
It was also agreed that a one year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.