Rupee gains 11 paisas against dollar in early trade

Rupee gains 11 paisas against dollar in early trade

KARACHI: The Pak Rupee (PKR) gained 11 paisas against the dollar in early day trading on Monday. The dollar is being trade at 169.90 in the interbank foreign exchange market. The foreign currency was at Rs170.01 at the closing on last Friday.

The local unit recorded a significant gain agains 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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