Moreover, the dollar index, which tracks the currency against six major peers, was at 108.5, on track for a 0.38% weekly gain and already up 2.5% in August. Meanwhile, oil prices, a key determinant of currency parity, rose as much as $1 on Friday as fresh US data lowered recession fears, although an upcoming speech from the US Federal Reserve chairman capped further gains.īrent crude futures climbed 73 cents, or 0.73%, to $100.07 a barrel, while US West Texas Intermediate (WTI) crude futures rose 78 cents, or 0.84%, to $92.93. The level is below 1.5 months of import cover. However, despite the above-mentioned positive developments, the continuous decline in foreign exchange reserves has continued to hurt market sentiment.įoreign exchange reserves held by the central bank fell by $87 million, clocking in at an alarming level of $7.81 billion as of August 19, 2022. The announcement was made during a visit to Doha by Pakistan Prime Minister Shehbaz Sharif.Īddressing a press conference on Friday, Federal Minister for Finance and Revenue Miftah Ismail said following the announcements, Pakistan has met the $4-billion gap assigned by the International Monetary Fund (IMF).
The development comes after Qatar Investment Authority (QIA), one of the largest sovereign wealth funds in the world, also announced that it aims to invest about $3 billion in different sectors of Pakistan's economy. Saudi King Salman bin Abdulaziz gave the directive for the kingdom to support the Pakistani economy, Saudi Press Agency (SPA) reported on Thursday. The decline in the local currency continues despite reports that the Kingdom plans to invest $1 billion in Pakistan. On Thursday, the Pakistani rupee had registered a loss for the fourth successive session against the US dollar to close at 219.41 after depreciating Rs1.03 or 0.47%.
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