KARACHI (Dunya News) – The value of US dollar witnessed an increase of 20 paisa on oil payments against Pakistani rupee in interbank market on Thursday.
Dollar after fluctuating between Rs131.80 and Rs132.40 finally closed at Rs132.23 in interbank market session.
On Wednesday, the dollar value declined by Rs1.89 in interbank market while it was traded around Rs132. In open market its value was recorded at Rs133 after a decline by 90 paisa.
With this decrease in dollar value, the national debt also reduced by Rs179 billion predicting an economic stability.
The decline came after Saudi Arabia announced $12 billion package for Pakistan for four years, that is, $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 $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.