PKR’s six-day gaining streak ends

PKR’s six-day gaining streak ends

KARACHI: The six-day gaining streak of the Pak Rupee (PKR) ended on Thursday as dollar appreciated by four paisas in the interbank foreign exchange market.

The rupee ended Rs171.01 to the dollar from previous day’s closing of Rs169.97 in the interbank foreign exchange market.

The local currency had witnessed a continuous recovery for six consecutive days after falling to the all time low of Rs175.27 on October 26, 2021.

The appreciation in the local unit has been seen soon after an announcement by the Saudi government to support Pakistan in managing balance of payment.

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 dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

Besides, the latest number of exports also improved the sentiments in the foreign exchange market.

The currency experts said that the dollar demand had increased due to high import bill for the period of January – October 2021.

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