Wednesday November 10, 2021

Value Of Rupee Continues To Decline

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

According to foreign currency dealers, the greenback is trading at Rs172.65 against the local unit, up Rs1.02 in a day over the previous close of 171.63.

The dollar had closed at Rs171.63 the other day, according to the State Bank of Pakistan (SBP).

The rupee snapped its winning streak last week when it depreciated to Rs170.1 against the US dollar.

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.

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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