KARACHI: The rupee continued to recover against the dollar in the interbank market on Wednesday, dealers said.
The exchange rate ended with a gain of 57 paisas to Rs169.97 against the dollar from the previous day’s closing of Rs170.54 in the interbank foreign exchange market.
The rupee rebounded strongly against the dollar since falling to the historic low of Rs175.27 on October 26, 2021. The local currency gained after the Saudi government’s announcement to support Pakistan’s balance of payments position.
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 besides Saudi assistance the jump in exports also supported the rupee to appreciate against the dollar.
The exports of the country surged 25 per cent to $9.44 billion during July–October 2021, compared with $7.57 billion in the corresponding period of the last year, according to the data released by the Pakistan Bureau of Statistics.
The rupee remained under pressure since the start of the current fiscal year. The local currency fell Rs12.43, or 7.89 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs169.97 on November 3, 2021.
