PKR depreciates against USD

ISLAMABAD: Following the announcement of the ‘tax filled’ budget 2024-25, the Pakistani rupee (PKR) also witnessed a downward slide against the US dollar (USD) in the interbank on Friday, ARY News reported.

According to the State Bank of Pakistan (SBP), the PKR witnessed a Rs 0.12 depreciation against the US Dollar in the interbank trading and closed at Rs 278.38 against the previous day’s closing at Rs 278.50.

READ: Pakistan’s foreign exchange reserves stand at US$ 13,427.6m: SBP

Earlier in the day, Pakistan’s total debt reached a record level of Rs 67.816 trillion as of May 2024.

As per the data released by the central bank, the federal government’s total debt increased by 15 percent in one year, with a significant addition of Rs 8,852 billion.

The SBP reported that the country’s total debt was Rs 58,964 billion in May 2023, which increased to Rs 66,086 billion in April 2024.

The central bank reported that Pakistan’s domestic debt also reached a record level of Rs 46,208 billion.

The SBP said that ‘Naya Pakistan Certificates’ saw a decrease in annual debt by 37.51 percent to Rs 87 billion. The central bank also reported a 1.4 percent decrease in the federal government’s external debt, from Rs 21,908 billion to Rs 21,608 billion.