Rupee gains 20 paisas in open market

Rupee gains 20 paisas in open market

KARACHI: The Pak Rupee gained 20 paisas against dollar on Saturday in open market as significant inflows received by Pakistan under foreign financial assistance.

The rupee/dollar exchange rate ended at Rs138.60/Rs139.00 as compared with previous day’s closing of Rs138.70/Rs139.20 in cash free market.

The State Bank of Pakistan (SBP) received $2 billion from Saudi Arabia and UAE under financial assistance for Pakistan a day earlier to boost foreign exchange reserves of the country.

The central bank received one billion dollars as the third tranche of $3 billion pledged by the Saudi Arabia on Friday.

Another amount of $1 billion was received from UAE on Thursday. The fund has been received under an agreement signed on January 22, 2019 by SBP governor Tariq Bajwa and Director General of Abu Dhabi for Development, according to the SBP.

Currency experts said that the inflows had helped the local currency to make gains against the greenback.

The experts, however, said that it would be temporary relief due to mounting pressure for repayment of foreign debts.

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