Rupee recovers 11 paisas to dollar at interbank opening

KARACHI: The Pakistani Rupee gained 11 paisas against the dollar in early trade at the interbank foreign exchange market on Thursday.

The dollar is being traded at Rs173.65 at the opening of the interbank market.

The exchange rate was closed at Rs173.76 on Wednesday November 17, 2021.

The local currency recorded a significant gain during the last week after an announcement of the Saudi Arabian government on October 26, 2021 to support Pakistan in managing the balance of payment.

Analysts said the appreciation comes on the back of positive sentiment in the market, especially after Adviser to Prime Minister on Finance and Revenue Shaukat Tarin’s statement regarding funding from Saudi Arabia and negotiations with the International Monetary Fund.

The foreign currency reached an all-time high of Rs175.73 on November 7.

The buying and selling of the dollar at the open market was recorded at Rs175 and Rs176.5.