US dollar falls below Rs170 against Pakistani rupee

KARACHI: The Pakistani rupee continued to rise against the United States (US) dollar in the interbank currency market on Wednesday.

According to foreign currency dealers, the local unit appreciated by 84 paisas to 169.70 in intra-day trading.

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On Tuesday, the rupee had closed at Rs170.54 against the US dollar, according to the State Bank of Pakistan (SBP).

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.

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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.