Dollar eases to Rs175.48 at interbank closing

Dollar eases to Rs175.48 at interbank closing

KARACHI: The US Dollar eased to Rs175.48 at the closing of the interbank foreign exchange market on Wednesday.

The Pak Rupee (PKR) recovered 24 paisas against the dollar in today’s trading as against the previous day’s closing of Rs175.72.

The rupee recovered for the second straight day after falling to the all-time low of Rs176.20 on November 29, 2021.

The recovery in rupee value can be attributed to the signing of an agreement between authorities of Pakistan and Saudi Arabia for an assistance package.

The State Bank of Pakistan (SBP) and Saudi Development Fund on November 29, 2021, signed the agreement for placement of $3 billion with the SBP.

The exports of the country recorded 33 per cent growth to $2.93 billion in November 2021 as compared with $2.17 billion in the same month of the last year, according to Abdul Razzak Dawood, Adviser to the Prime Minister on Commerce.

The currency experts said that the import bill has remained a threat to future rupee stability.

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