Business

Dollar further slips by 23 paisa in interbank

The value of US dollar declined by 23 paisa against Pakistani Rupee in interbank market on Thursday.
Following the slip, dollar is being traded around Rs131.80. The buying price of dollar is Rs130.50 while selling price is Rs132.
During previous two days, the decline in dollar value is recorded at Rs2.13.
On Wednesday, the dollar value was declined by Rs1.89 in interbank market while it was traded around Rs132. In open market its value was recorded at Rs133 after a decline by 90 paisa.
With this decrease in dollar value, the national debt was also reduced by Rs179 billion predicting an economic stability.The drop has been seen after the Saudi Arabia announced US$12 billion package for Pakistan for four years, i.e $3 billion per year as balance of payment support.
Amid its dwindling economic situation, An MoU was signed by Finance Minister Asad Umar and his Saudi counterpart under which Riyadh will place a deposit of US$3 billion for a period of one year as balance of payment support
It was also agreed that a one year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.