The Pakistani rupee which saw a morning plunge against the US dollar in interbank market on Tuesday, later hit back at the greenback on the heels of inflow of billions of Saudi dollars, reported 24NewsHD TV channel.

According to the information made available by the money dealers, the local currency which depreciated by Rs1.90 against the US dollar in interbank market in the first session roared back, recovering all the lost value and then inflicting a handsome loss to the greenback.

At the moment, the Pakistani rupee was being traded at Rs278.50, up by Rs1.30.

The rupee bull-run came after Finance Minister Ishaq Dar announced on Tuesday that the Saudi government had deposited two billion dollars in the State Bank of Pakistan.

On Monday, the Pakistani currency had weakened as well, sinking by 0.68% to settle at 279.80 in the interbank market.

Ihttps://twitter.com/StateBank_Pak/status/1678359918628462594

n a key development, the federal government on Monday said relaxation on retiring of Letters of Credit (LCs), recently announced by the State Bank of Pakistan (SBP), are not unrestrained as LCs will only be honoured if sufficient inflows of dollars come in the country.

Separately, Fitch Ratings on Monday upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’ from ‘CCC-’ as the country managed to clinch a last-minute staff-level agreement with the International Monetary Fund (IMF).

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Reporter Ashraf Khan