Islamabad: Continuing its relentless fall against the US dollar, the Pakistani rupee further dipped by Rs1.26in the interbank market on Monday.
At the end of today’s session, the State Bank of Pakistan said that the local currency depreciated by 0.57% to close at Rs221.92 against the greenback.
— SBP (@StateBank_Pak) August 29, 2022
During last week, the rupee depreciated 2.7% in the inter-bank against the US dollar to settle at 220.66 on Friday.
The fall of the PKR continues despite the reports that the Qatar Investment Authority (QIA) plans to invest $3 billion in Pakistan.
Separately, King Salman issued a directive to invest $1 billion into Pakistan, in confirmation of the Kingdom’s support for the country and its people, Saudi Press Agency reported on Thursday last week.
Many attribute the ongoing fall of the rupee’s value to the heated political developments taking place within the country.
However, all eyes are on the crucial Executive Board meeting of the International Monetary Fund (IMF) that is scheduled to meet today (Monday) for the disbursement of a $1.17 billion loan facility to Pakistan.
With the approval of the Board meeting, Pakistan will immediately get $1.17 billion.
Engulfed with heavy floods, Pakistan desperately needs the deal done today. Not doing so will send a negative signal, particularly during the floods.