US DOLLAR GAINS RS1 IN EARLY TRADE
By Muhammad JuniadPublished On 06 Jan 2023
KARACHI: The United States (US) dollar continued its climb against the Pakistani rupee in the interbank currency market on Friday.
The greenback appreciated by Rs1 to Rs175.19 against the local unit in early trade today, according to foreign currency dealers. The dollar had closed at Rs174.19 the previous day.
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.
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A week later, however, the rupee snapped its winning streak and began reversing gains.
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.
