The value of the greenback increased by 74 paisas
The Pakistani rupee has hit another record low in the interbank market against the US dollar but economic experts are expecting a “downward trend” soon.
The local currency recorded a fresh depreciation of 0.42% Monday.
The value of the US dollar increased by 74 paisas, and rose to a record high of Rs176.20, according to data shared by the State Bank of Pakistan.
However, in the open market, the dollar dropped after it close at Rs178.30 last week. The greenback traded between Rs177.20 to Rs177.70.
Here are the open market rates of major currencies on November 29, 2021:
Earlier, the central bank reported that the foreign exchange reserves fell 4.1% to their lowest level since June 25, 2021.
On November 19, the SBP reserves fell by $16.3 billion, putting immense pressure on the rupee.
Exchange Companies Association Secretary Zafar Paracha said that the value of the dollar was raised artificially and its value will further drop once the tranche is released by the IMF.
The Pakistan Stock Exchange saw a positive change after a continuous decline. The index increased by more than 900 points and traded at 45,054 points on Monday. On November 29, analyst Raza Jafari told SAMAA Digital that the index rose by over 2%.
Earlier in the day, Saudi Arabia and Pakistan signed the deposit agreement for the $3 billion loan package from the kingdom. The money is expected to reach this week.
Under it, the Saudi Funds for Development will deposit $3 billion with the State Bank of Pakistan. The amount will be a part of Pakistan’s Foreign Exchange Reserves.
The agreement will help support the country’s foreign currency reserves and contribute towards resolving the adverse effects of the COVID-19 pandemic.