Pakistani Rupee rises further against the US dollar in interbank market

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Pakistani Rupee rises further against the US dollar in interbank market

The price of the US dollar reached Rs171 from Rs171.65 after a decrease of 65 paisas against the Pakistani rupee in the interbank trading.

The US dollar has lost a value of Rs4.27 since Saudi Arabia announced a $4.2 billion overall financial package and deposited $3 billion in the State Bank of Pakistan to shore up Pakistan’s foreign reserves against the backdrop of rising international commodity prices.

The dollar was at Rs175.27 before the Saudi package and was inches toward Rs176 but the advance was halt and now it reduced to Rs171 against Pakistani currency.

Riyadh would also provide $1.2 billion oil on deferred payment for a year.