Pakistani rupee bounces back after $3bn Saudi inflows

KARACHI: The Pakistani rupee bounced back and registered gains against the United States (US) dollar in intra-day trading in the interbank currency market on Monday the back of $3 billion Saudi inflows.

According to forex dealers, the domestic unit appreciated by Rs0.59 to Rs176.18 against the greenback, compared to the previous close of Rs176.77.

The rupee had closed at Rs176.77 against the dollar in the interbank market on Friday.

Also Read: ‘Good news’: SBP gets $3 billion from Saudi Arabia

On Saturday, the State Bank of Pakistan (SBP) received $3 billion from Saudi Arabia under a support package signed between Pakistan and the kingdom. Adviser to the Prime Minister on Finance Shaukat Tarin confirmed the kingdom has deposited the loan amount with the country’s central bank.

“Good news, US$3 billion Saudi deposit received by SBP,” he tweeted, thanking Saudi Crown Prince Mohammed Bin Salman and the kingdom for the “kind gesture”.

Also Read: Foreign reserves decline by US$ 244 million: SBP

The SBP last week signed an agreement with the Saudi Fund for Development (SFD) to receive $3 billion to shore up its depleting foreign exchange reserves.