ISLAMABAD – Russia has reportedly expressed readiness to supply petrol to Pakistan on deferred payments, a move that will provide a breathing room to the flood-hit South Asia country facing economic crisis.
A major chunk of Pakistan’s foreign exchange reserves is utilized to import petroleum products. However, the supply of oil on delayed payments will not only stablise the forex reserves but also save the country from defaulting on its international obligations regarding repayment of loans.
The development comes days after Prime Minister Shehbaz Sharif held meeting with Russian President Vladimir Putting on the sidelines of the Shanghai Cooperation Organization (SCO) in Samarkand.
Reports said that both high ups discussed matters related to oil, gas and wheat supplies to Pakistan from Russia during the meeting.
The US has also not raised any objection over the proposed deal amid Pakistan's economic woes deepened further after massive floods.
The Pakistani government is yet to confirm the development officially.
On September 15, Putin during his meeting with Shehbaz Sharif expressed his willingness to supply gas to South Asian country. Pipeline gas supplies to Pakistan were possible and that part of the necessary infrastructure was already in place, Putin said.
Recalling bilateral ties with Pakistan, the Russian president termed Islamabad a priority partner in Southeast Asia and Asia as a whole, saying relations between the two sides are developing positively.
He also expressed condolences over the loss of life from natural disasters, and the unprecedented flooding in Pakistan.
Pakistani rupee remained stable against the US dollar, and other currencies in the open market on Friday.
On Friday, the US dollar remained stable and was being quoted at 283.2 for buying and 286.15 for selling.
Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.41||36.71|
|New Zealand Dollar||NZD||174.54||176.54|
Gold price in Pakistan increased as the yellow metal witnessed an upward trend in the international market.
On Friday, the price of a single tola of 24-karat gold stands at Rs217,400 and 10 grams of 24k gold costs Rs186,390.
Single tola of 22 Karat Gold costs Rs199,282, 21 karat rate for per tola is Rs190,225 and 18k gold rate is Rs163,050 each tola.
In the global market, gold prices hover at around $2026, gaining $8.30 on Friday.
Today Gold Price in Pakistan (8 December 2023)
|Lahore||PKR 217,400||PKR 2,583|
|Karachi||PKR 217,400||PKR 2,583|
|Islamabad||PKR 217,400||PKR 2,583|
|Peshawar||PKR 217,400||PKR 2,583|
|Quetta||PKR 217,400||PKR 2,583|
|Sialkot||PKR 217,400||PKR 2,583|
|Attock||PKR 217,400||PKR 2,583|
|Gujranwala||PKR 217,400||PKR 2,583|
|Jehlum||PKR 217,400||PKR 2,583|
|Multan||PKR 217,400||PKR 2,583|
|Bahawalpur||PKR 217,400||PKR 2,583|
|Gujrat||PKR 217,400||PKR 2,583|
|Nawabshah||PKR 217,400||PKR 2,583|
|Chakwal||PKR 217,400||PKR 2,583|
|Hyderabad||PKR 217,400||PKR 2,583|
|Nowshehra||PKR 217,400||PKR 2,583|
|Sargodha||PKR 217,400||PKR 2,583|
|Faisalabad||PKR 217,400||PKR 2,583|
|Mirpur||PKR 217,400||PKR 2,583|