RISE IN US DOLLAR with 51 PAISA AGAINST PAKISTAN RUPEE

KARACHI: The United States (US) dollar rose by 51 paisas to Rs176.09 against the Pakistani rupee in intra-day trading in the interbank currency market on Thursday.

According to foreign currency dealers, the greenback resumed lower by 3 paisas at Rs175.45, compared to its last close of Rs175.48 against the domestic unit but later, not only pared initial loses but rose by 51 paisas to Rs176.09 intra-day trading.

The rupee had finished at Rs175.48 after gaining 24 paisas against the dollar in the interbank market the previous day.

In the open market, however, the US dollar is trading at Rs177.30 against the rupee.

The local currency bounced back after the State Bank of Pakistan (SBP) signed an agreement with the Saudi Fund for Development (SFD) to receive $3 billion to shore up its depleting foreign exchange reserves.

“Under this deposit agreement, SFD shall place a deposit of USD 3 billion with SBP. The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves,” the central bank had said on Monday.

The Saudi support package also includes a $1.2 billion oil loan facility. It was agreed during Prime Minister Imran Khan’s visit to the Kingdom of Saudi Arabia last month.