KARACHI: Due to delays in loans and decreasing foreign exchange reserves, the Pakistani rupee (PKR) has lost another Rs 2.38 of its value.
The rupee was quoted at around 200.30 versus the greenback in intraday trade compared to 197.92 per USD in the previous session’s closing in the interbank market.
Though the current situation of the foreign exchange reserves is rather discouraging, the reserves will witness a major boost in the days to come as Pakistan will shortly receive $2.3bn from China.
According to the Federal Minister for Finance and Revenue, the terms and circumstances for the refinancing of roughly $2.3 billion in deposits by Chinese banks have been approved and the federal cabinet has given its assent.
