Pakistani rupee recovers in intra-day trading

ISLAMABAD: The Pakistani rupee recouped some losses against the United States (US) dollar in intra-day trading in the interbank currency market on Tuesday.

According to foreign currency dealers, the local unit appreciated by 72 paisas to Rs175 against the greenback.

Also Read: Pakistan expects $3 bn reserves deposit from Saudi in days

The rupee had finished at Rs175.72 after gaining 48 paisas against the dollar in the interbank market the other day.

The local currency bounced back after the State Bank of Pakistan (SBP) signed an agreement with the Saudi Fund for Development (SFD) to receive $3 billion to shore up its depleting foreign exchange reserves.

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“Under this deposit agreement, SFD shall place a deposit of USD 3 billion with SBP. The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves,” the central bank had said on Monday.

The Saudi support package also includes a $1.2 billion oil loan facility. It was agreed during Prime Minister Imran Khan’s visit to the Kingdom of Saudi Arabia last month.