Karachi October 28 2022: Pakistan Rupee fall against dollar for the third consecutive day in interbank as PTI chairman starts its second long march with a motive to call early elections.
Pakistan Rupee depreciate 97 paisa or 0.44 percent in interbank to close at 222.47 against yesterday closing of 221.50, according to State Bank of Pakistan. During the week, Rupee lost PKR 1.64 or 0.74 percent against dollar after touching high of 219.73 on Tuesday.
Moreover, In Open Market Rupee fall PKR 2.0 to trade at 227.5 against dollar at PST 18:15 against yesterday closing of 225.5, according to Forex Association of Pakistan.
Pakistan’s former prime minister Imran Khan started a protest march to the nation’s capital Islamabad in the latest attempt to press the government to call for early elections.
Khan launched the protest that he calls a march for “real freedom” standing on top of a makeshift caravan in a convoy of vehicles with his supporters in Lahore, about 270 kilometers east of Islamabad. The convoy will make a slow journey to the capital in seven days by making stops in multiple cities.
SBP foreign exchange reserves for the week ending October 21 2022, were went down by USD 157 million to USD 7,439 million as per data released by the Central Bank. However, proceeds of US Dollar 1.5 billion loan from ADB will be reflected in the reserves for the week ending 28 October 2022.
These funds will help the Government of Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.
The loan, provided under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Program, will help fund the government’s $2.3 billion countercyclical development expenditure program designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.
Pakistan Credit Default Swap (CDS) jump 3,071 basis points on Monday to the historic high level of 5,282 basis points, according to data published by Bloomberg.