KARACHI: Pakistani rupee gained 52 paisas against the dollar in early trade at the interbank foreign exchange market on Wednesday.

The dollar is being traded at Rs175.20 at the opening of the interbank market.

The exchange rate was closed at Rs175.72 on Tuesday, November 30, 2021.

Currency dealers said that the appreciation in the local currency continues as the State Bank of Pakistan and the Saudi Fund for Development signed an agreement for a $3 billion deposit fund and $1.2 billion to finance the trade of oil derivatives on Monday.

The rupee witnessed an increase as the Saudi fund will support the central bank’s foreign exchange reserves and mitigate the adverse effects of the Covid-19 pandemic.

The local currency recorded the historic low closing of Rs176.20 against the dollar on November 29.

The buying and selling of the dollar at the open market was recorded at Rs176.6 and Rs178.1.