Rare day after many weeks observed on Friday (today) as Pakistani Rupee continued to fight back against the mighty US Dollar for the third successive day.
Market sentiments tilted in favour of the Pakistani Rupee when it was announced that Saudi Arabia will provide financial support to Pakistan in the shape of $3bn security deposits as well as petroleum product supplies deferred payments. This support will increase foreign exchange reserves. After which, Rupee gained the strength, and confidence of traders.
Prime Minister Imran Khan after his meeting with Crown Prince Mohammad bin Salman announced the developments and also thanked Saudi Arabia for their friendly gesture of helping Pakistan in tough times economically.
After the announcement on October 27, Pakistan’s local currency started to climb up the ranks slowly but steadily. For three straight days, the Rupee value is appreciated against the Dollar which was not witnessed in past for quite some weeks.
As per the tweet made from the official Twitter account of the State bank of Pakistan (SBP), the rupee closed at Rs171.65 against US Dollar. This means Rupee appreciated 61 paisas today which makes 0.36% against yesterday closure of Rs 172.26 in the interbank currency market.
A positive trend is being observed in the market as Pakistan Stock Market is also on the rise for the last few days.