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US dollar on downwards spiral against PKR; falls further in open market

KARACHI: The US Dollar saw a further decline in the open market against the Pakistani Rupee falling a further 30 paisa, ARY News reported on Wednesday.

The dollar reached Rs 160 in open market today after a depreciation against the PKR, the greenback has observed steady downfall since the beginning of this week in the interbank and open markets.

The US dollar observed a loss of 3 paisa against the PKR bringing it overall worth to PKR160.55 in the interbank market on july 29.

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Earlier, The net addition to external public debt during fiscal year 2018-19 was only $2.29 billion, which is the lowest in the last three years, said the Economic Affairs Division in a statement on July 26.

The total external inflows during FY 2018-19 were $10.186 billion, including grants of $330 million, while external loans obtained by the government during the year were $9.85 billion with the government making payment of $8.94 billion on account of retirement of external debt and debt servicing.

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“The net addition to the external public debt was only $2.29 billion which is the lowest of last three years,” reads the statement.

It said that the net additions to the external public debt during the last three fiscal years i.e. FY 2015-16 to FY 2017-18 were $6.82 billion, $4.77 billion and $8.64 billion respectively.

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The Economic Affairs Division further said that the ADB and World Bank disbursed $541.17 million and $652.75 million respectively during FY 2018-19 as compared to $945.69 million and $817.54 million during FY 2017-18.

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