Rupee appreciates to dollar for sixth consecutive day

Rupee appreciates to dollar for sixth consecutive day

KARACHI: The Pak Rupee (PKR) appreciated for sixth consecutive day on Wednesday as dollar fell below Rs170 in the interbank foreign exchange market.

The rupee gained 57 paisas to close at Rs169.97 against the dollar from previous day’s closing of Rs170.54 in the interbank foreign exchange market.

The local currency is making a continuous recovery against the greenback since falling to historic low at 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 exports of the country surged by 25 per cent to $9.44 billion during July – October 2021 as compared with $7.57 billion in the corresponding period of the last year.

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