Pakistani rupee rises against US dollar after extension in Saudi $3b deposit

Emboldened by the Saudi extension in its $3 billion deposit with State Bank of Pakistan, the Pakistani rupee muscled its way up against the US dollar in the interbank market on Thursday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency appreciated by 22 paisas against the greenback and ended the day at Rs285.17.

Interbank closing #ExchangeRate for todayhttps://t.co/NkmZkJNlx7#SBPExchangeRate pic.twitter.com/PnbmzN9vGX

— SBP (@StateBank_Pak) November 30, 2023

On Wednesday, the Pakistani rupee has recorded a minor gain against the US dollar and settled for the day at Rs285.39.

Interbank closing #ExchangeRate for todayhttps://t.co/jQqbdd04Bt#SBPExchangeRate pic.twitter.com/Yecq2xzTnp

— SBP (@StateBank_Pak) November 29, 2023

In a vital development, the Kingdom of Saudi Arabia had extended the term for a $3 billion deposit placed with Pakistan to support Pakistan’s economy, State Bank of Pakistan (SBP) said.

According to the SBP, the Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of $3 billion maturing on December 5, 2023 for another one year.

2/2 The continuation of this support by the Kingdom of Saudi Arabia will help Pakistan maintain forex reserves and boost its economic growth.
For details, see PR: https://t.co/njGE5hN0DW

— SBP (@StateBank_Pak) November 29, 2023

Reporter Ashraf Khan