$1.5 Billion ADB Loan Agreement, PKR Increases By 68 Paisa versus The Dollar
October 25, 2022 / By Zunair Tahir / Business News
In the interbank market on Tuesday, the Pakistani rupee (PKR) appreciated by 68 pesos in relation to the US dollar.
According to the State Bank of Pakistan, the local currency increased by 68 paisa or 0.31 percent from yesterday’s finish of Rs220.41 to conclude at Rs219.73 per $1.
READ MORE:The Rupee’s Comeback Is It Only Temporary?
After Pakistan inked a loan deal with the ADB for financial support as well as assistance in flood-related restoration and rebuilding work, analysts ascribed this adjustment to projected inflows of $1.5 billion.
The ADB agreement’s signature and the anticipated debt rescheduling from China, according to Saad Bin Naseer, director of Mettis Global, a web-based financial portal, might help the rupee maintain its pace in the days to come.
Ishaq Dar, Pakistan’s finance minister, is now in the US for meetings with the World Bank and International Monetary Fund (IMF), and he is scheduled to travel to China shortly to conduct talks on Pakistan’s bilateral debt restructuring.
According to Naseer, agreements on new projects with China were also anticipated during the minister’s visit; these developments might be positive for the rupee.
In addition to the loan agreement with ADB, the country’s import bill had decreased, according to Zafar Peracha, general secretary of the Exchange Commission of Pakistan (Ecap), which resulted in a smaller current account deficit. He asserted that “friendly nations” are anticipated to release $4 billion in money in the upcoming months, which will support the rupee even more.
According to him, the finance minister has a trip to France coming up that might provide more “positive news” for Pakistan and support the rupee even more.
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