18th consecutive loss: Rupee drops marginally against US dollar

cutting salaries of govt employees

With a very marginal depreciation on Friday, the Pakistani rupee continued its losing run for 18 consecutive sessions against the US dollar in the interbank market.

At the end of the session, the State Bank of Pakistan (SBP) said, the local currency depreciated by Rs0.01 against the greenback to close at Rs228.15.

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.