Rupee rebounds 1.44% against dollar on Saudi package

Rupee rebounds 1.44% against dollar on Saudi package

KARACHI: The Pak Rupee (PKR) rebounded with a gain of Rs2.49 or 1.44 per cent against the dollar on Wednesday after an assistance package was announced for Pakistan.

The rupee ended Rs172.78 to the dollar from the previous closing of Rs175.27 in the interbank foreign exchange market.

A day earlier the Saudi government announced to deposit $3 billion with the State Bank of Pakistan to help the country in the balance of payment.

The rupee made all-time low of Rs175.27 a day earlier due to external payment pressure.

Currency experts said that the foreign currency market had witnessed positive sentiments throughout the day.

Saudi Arabia yesterday announced 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.