US dollar unimpressed with ‘good news’ from Saudi Arabia

By: News Desk
Published: 11:18 AM, 25 May, 2022
US dollar unimpressed with ‘good news’ from Saudi Arabia
Caption: Representational image.
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The news that Saudi Arabia has decided to extend the $3 billion deposit parked with State Bank of Pakistan failed to deter the US dollar from its consistent pouncing of the Pakistan rupee and the story was not different on Wednesday as the greenback hit another record high against the Pakistani currency, reported 24NewsHD TV channel.

As the business ended on Wednesday, the US dollar hauled up 51 paisas and was concluded the trading at Rs201.92, which was another historic high.

The pattern was same in the open market where the dollar went up by one rupee and went up to Rs203.

The US dollar closed the day at Rs201.41 on Tuesday.

Saudi Arabian Finance Minister Mohammed bin Abdullah Al-Jadaan had said the other day that Riyadh was currently finalizing an extension of three billion dollars in its deposits at the State Bank of Pakistan.

The Saudi finance minister while talking to a British news agency during a meeting of the World Economic Forum in Davos said Pakistan was an important ally and his country will stand by it.