Dollar gets Rs2.6 cheaper against rupee as KSA promises $4.2bln support

KARACHI: The US dollar in the interbank trade on Wednesday has recorded a retreat of Rs2.61 against the rupee as soon as the Kingdom of Saudi Arabia promised $3 billion deposit in the central bank, ARY News reported.

The charging US dollar that only yesterday made a new record of marching past the Rs175-mark against the bleeding rupee has receded on the back of Saudi Crown Prince MBS’ promises of two-pronged financial support up to $4.2 billion.

The forex traders have cited this KSA support for respite in rupee value, after Prime Minister Imran Khan’s visit to the kingdom that concluded yesterday.

In the mid-week interbank trading during the day, the dollar has shed Rs2.61 value and is presently trading at Rs172.66.

PM Imran Khan thanks Saudi Crown Prince for $3bn support

Pertinent to note today that PM Imran Khan has 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.

PM Khan said in a tweet earlier today from his official account that he wants to thank His Royal Highness (HRH) Prince Mohammad bin Salman for supporting Pakistan with the deposit of $3 billion in the State Bank of Pakistan and for “financing refined petroleum product with $1.2 bn”.