US dollar declined, lands on 97.98 in inter-bank transactions

US Dollar notes - American currency - USD - photo by B.Henry

WEB DESK – According to open market sources, the value of Pakistani Rupee has been further strengthened as now one US dollar being traded in 97.98 rupees in inter-banks transactions.

The televised news confirmed that dollar rate to be further declined from the yesterday’s value of Rs 98.20 within first hour of trading in inter-bank.

It was just yesterday, when while commenting on recent mysterious gift of $1.5 billion from Saudi Arabia, federal finance minister Ishaq Dar said that critiques of this action should feel ashamed.

At that occasion, he also reiterated that in first week of April Pakistan would likely to receive a payment in regard of coalition support fund. According to financial experts, dollar’s value would be further weakened after receiving payment from coalition support fund. Payments through coalition support fund are being made to Pakistan for its support in terms of providing ground and air transit routes to Afghanistan for international coalition forces stationed in the landlocked neighborhood.

Its worth mentioning here that Pakistan had received $ 1.5 billion from Saudi Arabia earlier in March 2014. Government officials were giving contradicting statements ever since. Federal information minister Pervez Rasheed and adviser to Prime Minister on foreign affairs Sartaj Aziz maintained a stance that Saudi’s fund was nothing but a gift for the people of Pakistan.

President of Pakistan Mamnoon Hussain, however, said on Tuesday that due to high chances of international pressure on Pakistan, the terms and conditions of this funding could not be made public.

About the author

Hissan Khan

Hissan Khan is currently working as the Editorial Head of Pakistan Tribe's Islamabad Office. Having work as current affairs host, news analyst and C4D expert, Hissan holds a good command over communication and development strategies.

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