Rupee gains Rs1.7 at the interbank opening

KARACHI: Pakistani rupee recorded a surge of Rs1.7 against the dollar in early trade at the interbank foreign exchange market on Monday.

The dollar is being traded at Rs175.70 at the opening of the interbank market.

The exchange rate was closed at Rs176.77 on Friday December 3, 2021.

Currency dealers said that the appreciation in the local currency comes as Pakistan on Saturday received foreign exchange deposits worth $3 billion from Saudi Arabia for the support of balance of payment.

Read more: Rupee likely to remain under pressure next week

These inflows were received by the State Bank of Pakistan in the shape of safe deposits for one year to address the country’s balance of payments crisis, and likely to give the required support to the local currency.

Read more: Rupee loses 28 paisas to dollar at interbank opening

The Friday’s closing of the interbank market at Rs176.77 was the historic low against the dollar.

The buying and selling of the dollar at the open market was recorded at Rs177.85 and Rs179.35.