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Pakistani rupee on Tuesday registered a loss against the US dollar for the 15th successive session, depreciating 0.21% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee declined by Rs0.47 to close at 227.88. During the ongoing fiscal year, the rupee has depreciated 10.14% against the greenback.
On Monday, the rupee had registered a loss for the fourteenth successive session against the US dollar to settle at 227.41 after a decrease of Rs0.27 or 0.12%.
Interbank closing #ExchangeRate for todayhttps://t.co/FT7qko50IM pic.twitter.com/KOGsW4PJRV
— SBP (@StateBank_Pak) January 10, 2023
In a key development on Monday, Pakistan was successful in obtaining over $10 billion in promises from international financial organizations, donor agencies, and development partners for the rehabilitation, recovery, and reconstruction of flood-affected areas during a summit in Geneva.
Major pledges included $4.2 billion from the Islamic Development Bank (IsDB), $2 billion from the World Bank, $1.5 billion from the Asian Development Bank (ADB), $1 billion from the Asian Infrastructure Investment Bank (AIIB), and $1 billion from Saudi Arabia at the conference, which was co-hosted by Pakistan and the United Nations.
According to economic analysts, the development has decreased the possibility of default, and it is anticipated that this would help stabilize the currency market to some extent.
