Pakistani rupee regains against US dollar by Rs2.49
Share prices shoot up at PSE by 777 points
The ever-rising greenback at last scuttled its flight on Wednesday as the rate of US dollar was brought Rs2.49 down, crashing its price from Rs175.72 to Rs172.78 in inter-bank trading, reported 24NewsHD TV channel.
The US dollar which has constantly been showing an upward trend for the past several days has come a little bit down with the new rupee-dollar parity fixed at Rs172.78.
It appears that the Pakistan currency has somewhat been resuscitated by the announcement made by Saudi Arabia regarding parking of $3 billion in the State Bank of Pakistan.
According to Saudi news agency SPA, the Saudi Fund for Development (SFD) yesterday (Tuesday) announced the issuance of the Royal Directive to deposit an amount worth US$3 billion into the State Bank of Pakistan to help the Pakistani government support its foreign currency reserves and support it in facing the impacts of the coronavirus pandemic.
Meanwhile, there was also massive rise in share prices at Pakistan Stock Exchange as the Karachi-100 index shot up by 777 points taking to 46,005.
The brokers at the PSE have been complaining since morning about the new trading system introduced on Wednesday.
Reporter Habib Khan