Pakistani currency hit four-and-a-half-month high at Rs162.86 against the US dollar in the interbank market on Thursday, which came on the back of anticipation about improvement in the inflow of foreign currency in the near future. The country’s foreign currency reserves, however, have continued to fall for the past three consecutive weeks mainly due to foreign debt repayment, suggesting that the demand for foreign currency has remained high in recent weeks. This will improve the country’s foreign currency reserves. Earlier, the G20 member states deferred debt repayment by many countries including Pakistan till December 2020 to provide relief during tough times under the coronavirus pandemic. Now, they have rescheduled the debt repayment by an additional six months till June 2021.

Source: The Express Tribune October 16, 2020 03:11 UTC