Dollar plunges to Rs171.65 in interbank forex market

Dollar plunges to Rs171.65 in interbank forex market

KARACHI: The dollar continued losing its value against the Pak Rupee (PKR) on Friday since Saudi Arabia announced to place $3 billion with the State Bank of Pakistan.

The rupee recovered 61 paisas to Rs171.65 to the dollar from the previous day’s closing of Rs172.26 in the interbank foreign exchange market.

The rupee hit the historic low at Rs175.27 on October 27, 2021.

Saudi Arabia announced additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

Currency dealers said that Pakistan needs more inflows to stabilize the local currency. They said that the exchange rates are facing immense external payment pressure.

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