Pakistani rupee opens weaker in interbank market

KARACHI: A day after rising by 0.16 per cent on the back of a $3 billion Saudi deposit, the Pakistani rupee pared some gains against the United States (US) dollar in early trade in the interbank currency market on Tuesday.

According to foreign currency dealers, the domestic unit depreciated by 12 paisas to Rs176.60 against the greenback, compared to yesterday’s close of Rs176.48.

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The rupee had ended 0.16 per cent or 29 paisas higher against the dollar the previous day after Pakistan received a $3 billion deposit from the Kingdom of Saudi Arabia under a support package.

On Nov 4, 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.

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

“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”.

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