Rupee suffers another blow as the US dollar has appreciated to the record high against the rupee on Friday (today).
Rupee closed at the rate of Rs174.98 against the dollar on Thursday.
But today, the US dollar seems to be flying high as currently rupee is valued at Rs176.50 in the intraday trading market after depreciating by Rs1.52 against the dollar.
Earlier, Federal Minister Fawad Chaudhry tweeted that Pakistan will soon receive financial support of $3 billion from Saudi Arabia. Apart from cash deposits, Pakistan will also receive a $1.2 billion deferred oil payments facility.
According to financial experts, this may work very well as the support for the rupee against the dollar.
Adviser to Prime Minister on Finance and Revenue Shaukat Tarin has mentioned that the rupee should be valued at the mark of Rs165. He further added that the rupee is undervalued by at least Rs10.
Shaukat Tarin went on to say that the speculators are behind this high rise of the dollar but they will lose when the rupee starts to stabilize.
He added that the government is taking major steps to stabilize the rupee valuation as well as the rising inflation.