Dollar slides to Rs172.26 in interbank

Dollar slides to Rs172.26 in interbank

KARACHI: The dollar continued to slide against Pak Rupee (PKR) on Thursday following an announcement of Saudi Arabia to support Pakistan in its balance of payment.

The rupee ended Rs172.26 to the dollar from the previous day’s closing of Rs172.78 in the interbank foreign exchange market.

The Saudi government on October 26, 2021 announced to deposit $3 billion with the State Bank of Pakistan (SBP) to support the country for balance of payment.

The local currency has made a gain of Rs3.01 or 1.72 per cent against the greenback during the past two days. The rupee hit the historic low at Rs175.27 on October 27, 2021.

Saudi Arabia late Tuesday night 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 dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of $3 billion dollars with the State Bank of Pakistan (SBP) to help the government support its foreign currency reserves and counter the impact of the Corona pandemic.