Rupee close to touching 200 mark against dollar once again

KARACHI (PEN) – The Pakistani rupee (PKR) has further lost its value by Rs 1.58 due to delays in loans and depleting foreign exchange reserves.

The rupee was quoted around 199.50 against the greenback in early trade compared to 197.92 per USD in the previous session close in the interbank market.

Though the current status of foreign exchange reserves is quite depressing, the reserves will see a notable improvement in days to come as Pakistan will shortly receive $2.3bn from China.

According to Federal Minister for Finance and Revenue, the terms and conditions for refinancing of around $2.3bn deposit by Chinese banks have been agreed and the federal cabinet also accorded its approval.