Pakistani rupee hammers US dollar by another 68 paisas

By: News Desk      Published: 11:57 AM, 28 Oct, 2021
Currency Notes
Representational image.

The emboldened Pakistani rupee resumed its hammering of the US dollars as the inter-bank trading resumed on Thursday, reported 24NewsHD TV channel.

After digesting Rs2.49 rise in its value on Wednesday, the Pakistani rupee soared by another Rs1.28 as the business opened on Thursday but later reduced the gains to only 68 paisas.

The rupee which was closed at Rs172.78 yesterday evening was trading at Rs172.10.

The US dollar which has constantly been showing an upward trend for the past several days has come down crashing in the last days following news of a loan package from Saudi Arabia.

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. 

Also Read: Saudi Arabia to provide Pakistan with $4.2 billion financial support

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.