Pakistani rupee hammers US dollar by another 68 paisas
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 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.
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.