KARACHI: The rupee continued upward movement against the dollar for the fifth consecutive trading session on Tuesday, dealers said.
The exchange rate ended with a gain of 75 paisas to Rs170.54 against the dollar from the previous day’s closing of Rs171.29 in the interbank foreign exchange market.
The local currency is recovering after the announcement of Saudi Arabia to support Pakistan for the balance of payments. The rupee hit the historic low of Rs175.27 on October 26, 2021.
The rupee gained Rs3.73, or 2.69 per cent, against the greenback since making the historic low on October 26, 2021.
Last week, Saudi Arabia 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 encouraging export numbers for the period July–October 2021 had also supported the local currency.
The rupee remained under pressure since the start of the current fiscal year. The local currency fell Rs13, or 8.25 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs170.54 on November 2, 2021.
