Rupee continues to depreciate against US dollar
- By Anjum Wahab -
- Nov 10, 2021
KARACHI: The Pakistani rupee continued to depreciate against the United States (US) dollar in the interbank currency market on Wednesday.
According to foreign currency dealers, the greenback that was being traded at Rs172.65 against the local unit closed at Rs172.93, up Rs1.30 in a day over the previous close of 171.63.
The dollar had closed at Rs171.63 the other day, according to the State Bank of Pakistan (SBP).
The rupee snapped its winning streak last week when it depreciated to Rs170.1 against the US dollar.
Read more: Gold prices see big rise in Pakistan
The local currency started recovering from its steep fall against the US dollar on Oct 27, after the government announced Saudi Arabia’s financial support of up to $4.2 billion, raising the central bank’s foreign exchange reserves and boosting the sentiments of the currency market.
The Kingdom deposited $3 billion with the central bank and extended $1.2 billion of trade finance to support the country’s balance of payments.