Rupee's upsurge against US dollar ends, soars to Rs170 in interbank
- By Web Desk -
- Nov 04, 2021
KARACHI: The upsurge of the rupee against the US dollar ended as the local currency depreciated by 04 paisas against the dollar in the inter-bank currency market on Thursday.
According to the State Bank of Pakistan (SBP), the local unit closed at Rs170.1 against the US dollar, registering depreciation of 4 paisas over the previous close of Rs169.97.
Interbank closing #ExchangeRate for today:https://t.co/E9rsZyIiSU pic.twitter.com/f26NZsTW9z
— SBP (@StateBank_Pak) November 4, 2021
The rupee 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.
Also Read: Trade deficit up 105% in four months of FY22
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.