Pakistani rupee surges high against US dollar




Greenback has fallen by Rs1.97 in last three trading sessions

– Posted: Nov 17, 2021 | Last Updated: 23 mins ago

Posted: Nov 17, 2021 | Last Updated: 23 mins ago

The Pakistani rupee opened strong Wednesday against the US dollar at the interbank market as PM’s aide on Finance and Revenue Shaukat Tarin revealed that Saudi Arabia’s $3b deposit to prop up reserves expected within days.

According to the State Bank of Pakistan, the value of the Pakistani currency inched 0.65% higher in the interbank market. It gained Rs1.13 against the greenback and settled at Rs173.76.

The US dollar fell by Rs1.97 in the last three trading
sessions. Earlier, it had reached an all-time high of Rs175.73 in the interbank
on November 12.

In the open market, the US dollar fell by 50 paisas taking it to Rs174.

Here are the open market rates of major currencies on November 17, 2021:

Saudi Riyal46.0046.50
UAE Dirham47.8048.50
UK Pound231.50234.00
Japanese Yan1.481.50

In the next nine-day, the value of the rupee decreased by almost Rs8.

The $3b Saudi deposit would support Pakistan’s foreign reserves that dropped by $1.6b last week due to external debt repayments that included repayment of $1 billion against Pakistan International Sukuk.

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