Buoyant rupee continues recovery against US dollar

KARACHI: The Pakistani rupee buoyed by $3 billion Saudi inflows continued its recovery against the United States (US) dollar for the second consecutive day in the interbank market on Thursday.

According to the State Bank of Pakistan (SBP), the local unit closed at 172.26 against the greenback, appreciating 52 paisas (0.30%) against the previous close of 172.78.

Interbank closing #ExchangeRate for today:https://t.co/yLF0Kcm3XI pic.twitter.com/sY9Y1ypQHM

— SBP (@StateBank_Pak) October 28, 2021

Saudi Arabia’s financial support of up to $4.2 billion raised the central bank’s foreign exchange reserves and boosted the sentiments of the currency market.

The rupee recouped Rs2.49 (1.44%) against the US dollar on Wednesday following the announcement of the Saudi package as it closed at Rs172.78.

Also Read: Gold prices in Pakistan record whopping decrease after dollar slide

On Monday, PM Imran Khan thanked Crown Prince Mohammed bin Salman following the Saudi Arabian “generous gesture” of depositing $3 billion in the Pakistani central bank to support the country’s foreign exchange reserves.