PKR Hits Six Months High Against USD Making Value of Foreign Debt Owed to Pakistan Decrease by Rs 976bn.

The Us dollar has dropped under 155 PKR. The Pakistani Rupee value increased as USD lost 9.1 PKR as compared to Pakistani rupee in last 6 months.

The USD is traded at the rate of Rs154. 95 on December 9, 2019. Whereas, the interbank market rate of US dollar back in June was Rs164.05. This devaluation of the USD made the value of foreign debt owed to Pakistan decrease by Rs 976 billion.

Financial analysts are of the view that the decrease in Sky-High USD prices is the result of countermeasures taken by the government. Which includes a rise in remittances and dollar inflows. However, the experts predict that the exchange rate of the dollar against the rupee is likely to fall more coming days.

Furthermore, the Asian Development Bank on Friday approved $1.3 billion of policy based loans. The ADB approved $1 billion in immediate budget support to Pakistan, aiding the country’s public finances and strengthening a stagnating economy. The bank further approved $300 Million to reform Pakistan’s energy sector.

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