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.
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.
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