Dollar falls for 6th consecutive day against rupee in inter-bank market
Upsurge of rupee continues against greenback with local currency gaining 84 paisas in inter-bank.
Dollar falls for sixth consecutive day against rupee in the inter-bank market on Wednesday.
The upsurge of the Pak rupee continues against the US dollar with the local currency gaining 84 paisas in inter-bank.
The US dollar is trading around Rs169.7 today.
The Pak rupee is on the path of recovery on the back of clarity on the International Monetary Fund (IMF) programme.
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Besides, the Saudi Fund for Development had recently also deposited in the State Bank of Pakistan (SBP) $3 billion to help support the country’s foreign reserves.
Since then, the Pak rupee has been strengthening against the U dollar during the last six sessions.
Financial experts said that some inflows are in the pipeline. They added that these inflows are enough to influence the currency market sentiment.
Last month, Saudi Arabia had announced to deposit $3 billion in the State Bank of Pakistan.
The oil-rich state will also finance Pakistan’s refined petroleum product worth $1.2 billion. The development will help Pakistan improve its foreign reserves and ease other financial difficulties.
Taking to Twitter, Prime Minister Imran Khan had thanked Saudi Crown Prince Mohammed bin Salman for providing financial support to Pakistan.
He said that Saudi Arabia had always stood by Pakistan in the difficult times and is still with the country when the world is facing rising prices.
Federal Minister for Energy Hamad Azhar also said that Saudi Arabia had announced to finance $1.2 worth of oil to Pakistan annually and will also deposit $3 billion in the State Bank of Pakistan.
He said that the Saudi Development Fund had generously announced for Pakistan an oil deferred payments facility of $1.2 billion per annum and deposit $3 billion deposit with the State Bank.
The federal minister said that the Saudi supports would help ease the pressure on Pakistan’s trade and foreign exchange accounts due to global price increases.
