Rupee ends flat at Rs170.01 to dollar in interbank

Rupee ends flat at Rs170.01 to dollar in interbank

KARACHI: The Pak Rupee (PKR) ended flat against the dollar on Friday amid foreign currency demand for import payments.

The rupee ended Rs170.01 to the dollar, the same value of the local currency a day earlier, the interbank foreign exchange market.

The local currency made significant gains to the dollar during past few days after falling to record low of Rs175.27 on October 26, 2021.

The recovery in the local currency was due to the announcement of the Saudi government to support Pakistan in balance of payment.

Saudi Arabia on October 26, 2021 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.

Currency experts said that increase in exports also helped the rupee to make gain against the dollar.

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, according to data released by Pakistan Bureau of Statistics (PBS).

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