Rupee shows slight recovery on the back of $3bn Saudi fund

Local currency had closed at an all-time low of Rs176.77 against the dollar on Friday

The Pakistani rupee recovered nearly 30 paisas on Monday as Pakistan received the much-awaited $3 billion funds from Saudi Arabia.

With an increase of 0.16 per cent, the local unit closed at Rs176.48 against the US dollar, according to data released by the State Bank of Pakistan (SBP).

The rupee had closed at an all-time low of Rs176.77 against the dollar in the interbank market on Friday.

On Saturday, the central bank received $3 billion from Saudi Arabia under a support package signed between Pakistan and the kingdom. Adviser to the Prime Minister on Finance Shaukat Tarin confirmed the kingdom has deposited the loan amount with the country’s central bank.

“Good news, $3 billion Saudi deposit received by SBP,” he tweeted, thanking Saudi Crown Prince Mohammed Bin Salman and the kingdom for the “kind gesture”.

The rupee has maintained the downtrend for the past six months. It has lost 15.89pc or Rs24.21 to date, compared to the 22-month high of Rs152.27 recorded on May 14.

Cumulatively, the rupee has depreciated by 12.02pc or Rs18.94 since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

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