KARACHI: The rupee continued to make recovery against the dollar for the fourth straight day on Monday after the pledge of the Saudi government to support Pakistan’s balance of payments position, dealers said.
The exchange rate ended with a gain of 36 paisas to close at Rs171.29 against the dollar from last Friday’s closing of Rs171.65 in the interbank foreign exchange market.
The local currency witnessed a gain of Rs3.98, or 2.27 per cent, against the greenback during the last four trading sessions. The rupee hit the historic low of Rs175.27 on October 26, 2021.
Saudi Arabia last Tuesday announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion deferred oil facility to Pakistan to help its balance of payments position, an official statement said.
The dealers said Pakistan needs more inflows to stabilise the local currency, adding that the exchange rates are facing immense external payments pressure.
The rupee remained under pressure since the start of the current fiscal year. The local currency fell Rs13.75, or 8.75 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs171.29 on November 1, 2021.
