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 inches up against US dollar in the open market on 28 March, 2024.
In the open market, the US dollar was being quoted at 278.4 for buying and 281.4 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.4 | 281.4 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.7 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.45 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.70 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.