ISLAMABAD: Saudi Arabia has approved 901 million Saudi Riyal loan for construction of 800 megawatts Mohmand hydropower project in Pakistan, a foreign envoy said on Wednesday.Ambassador of Saudi.
Rupee Starts Falling Against the US Dollar Again
The Pakistani Rupee (PKR) resumed its deterioration trend against the US Dollar (USD) today (Thursday, 10 June), and almost pierced the Rs. 156 exchange rate boundary.
It closed at Rs. 155.91 against the USD at the end of the trading day today, down by 22 paisas as compared to Rs. 155.69 to the USD yesterday (Wednesday, 9 June).
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On the first two days of the current week, the PKR had posted significant losses of 70 paisas and 47 paisas, respectively. Yesterday it had posted an improvement of nine paisas.
Regarding the recent downfall of the PKR, the Managing Director of Khadim Ali Shah Bukhari Securities, A. A. H. Soomro, told ProPakistani that the “pressure on the currency is stemming as the economy opens up, imports grow faster than the exports & REER at 103”.
Rupee gains 9 paisa against USD
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The greenback closed at Rs155.69
KARACHI (Dunya News) – The exchange rate of US Dollar decreased by 9 paisa in the interbank on Wednesday against Pakistani rupee.
The greenback closed at Rs155.69 on second business day of the week compared to previous closing of 155.78.
Since start of June, dollar has risen by 1.29 paisa. However, the greenback has lost 12.74 rupees or 7.86 percent of its value from its peak of 168.43 in August 2020.
Meanwhile, the price of euro appreciated by 5 paisa and closed at Rs189.75 against the last working day’s trading of Rs189.70, the State Bank of Pakistan reported.
Saudi Arabia Approves Rs. 37.4 Billion Loan for Construction of Mohmand Hydropower Dam
Saudi Arabia has approved a funding of 901 million Saudi Riyal (Rs. 37.4 billion) for the construction of Mohmand Hydropower Dam, says the Economic Affairs Ministry.
According to an official statement issued by the Ministry, Saudi Arabia Ambassador to Pakistan Nawaf Bin Said Al-Maliki met the federal minister for Economic Affairs Omar Ayub Khan here on Wednesday.
The Saudi Ambassador briefed the Minister of Economic Affairs on the recent successful visit of the Prime Minister of Pakistan Imran Khan to Saudi Arabia.
According to the Ministry, the Saudi envoy shared that funding of 901 million Saudi Riyal was approved for the construction of Mohmand Dam from the Saudi Development Fund. The funding is for 25 years and an interest rate of two percent will be charged on it, said the envoy of Saudi Arabia.
Jun 9, 2021
ISLAMABAD: Saudi Arabia has approved a funding of 901 million Saudi Riyal for the construction of Mohmand Hydropower Dam, ARY NEWS reported quoting Kingdom’s Ambassador to Pakistan Nawaf Bin Said Al-Maliki on Wednesday.
The Saudi envoy shared this while meeting with the Federal Minister for Economic Affairs Omar Ayub besides also discussing the success of Prime Minister Imran Khan.
He said that funding of 901 million Saudi Riyal was approved for the construction of Mohmand Dam from the Saudi Development Fund. “The funding is for 25 years and an interest rate of two percent will be charged on it,” said the envoy of Saudi Arabia.