17 consecutive losing sessions: Rupee loses Rs0.21 against US dollar

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    rupee dollar interbank

    Islamabad: For the 17th consecutive session, the Pakistani rupee fell against the US dollar as it further declined by Rs0.21 in the interbank market on Thursday.

    At the end of the session, the local currency depreciated by 0.09% or Rs0.21 against the greenback to close at Rs228.14.

    In a major development, the United Arab Emirates (UAE) agreed to roll over an existing loan of $2 billion and give an additional loan of $1 billion.

    The development was reached during Prime Minister Shehbaz Sharif’s meeting with the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan on Thursday.

    Prime Minister Shehbaz Sharif arrived today in the UAE on his third official visit to the Middle Eastern nation since assuming office last year with an aim to strengthen economic, trade, and investment ties with the country.

    On Tuesday, Saudi Crown Prince and Prime Minister Mohammed bin Salman also directed authorities to study “augmenting” the Kingdom of Saudi Arabia’s investments in Pakistan to reach $10 billion.

    According to the Saudi Press AgencyCrown Prince Muhammad bin Salman also directed the Saudi Development Fund (SDF) to study increasing the amount of the deposit in Pakistan’s central bank to hit $5 billion.

    The developments will ease the pressure on Pakistan’s precious forex reserves, which have fallen to the lowest level in nearly nine years.