KARACHI: After flying high, the US Dollar weakened by 2.49 paisa in the interbank against the Pakistani rupee on Wednesday.
The greenback closed at Rs172.78 on the third business day of the week compared to the previous closing of Rs175.27.
Snapping the losing streak, the domestic unit finally managed to recover some lost ground following the announcement of the Saudi government to provide financial support of $4.2 billion to Pakistan to help ease pressure on trade and increase foreign currency reserves.
Read more: Pakistan receives $3bn from Saudi Arabia to stabilise foreign exchange
According to Saudi media, the Saudi Fund for Development (SFD) in a “generous gesture” announced a deposit of S3 billion with the State Bank of Pakistan to help the government support its foreign currency reserves and counter the impact of the coronavirus pandemic.
The report said the deposit was in addition to an oil deferred payment facility of $1.2 billion for petroleum products during the year. The announcement would help ease pressure on Pakistan’s foreign exchange reserves, due to the recent sharp hike in global commodity prices.
