US dollar soars to all-time high in intra-day trading

KARACHI: The United States (US) dollar once again on Friday crossed the Rs175 mark against the Pakistani rupee in the interbank currency market.

According to forex dealers, the greenback is trading at Rs175.70 after appreciating by Rs1.51 against the local unit in intra-day trading.

In the open market, however, the dollar is trading at Rs177.10.

The dollar had appreciated by Rs1.26 and settled at Rs174.19 the previous day, the State Bank said.

Also Read: SBP reserves rise $126mn to $17.33bn

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.

A week later, however, the rupee snapped its winning streak and began reversing gains.

Also Read: Gold continues upward journey in Pakistan

It is pertinent to mention here that 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.