KARACHI: The Pakistani rupee gained against the United States (US) dollar in early trade in the interbank currency market on Thursday.
According to foreign currency dealers, the local unit surged by three paisas to Rs175.45 against the greenback. The rupee had finished at Rs175.48 after gaining 24 paisas against the dollar in the interbank market the other day.
In the open market, however, the US dollar is trading at Rs176.50 against Pakistani rupee.
The local currency bounced back after the State Bank of Pakistan (SBP) signed an agreement with the Saudi Fund for Development (SFD) to receive $3 billion to shore up its depleting foreign exchange reserves.
“Under this deposit agreement, SFD shall place a deposit of USD 3 billion with SBP. The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves,” the central bank had said on Monday.
The Saudi support package also includes a $1.2 billion oil loan facility. It was agreed during Prime Minister Imran Khan’s visit to the Kingdom of Saudi Arabia last month.
