Pakistani rupee continued making recovery against the US dollar in the inter-bank market for the third straight day on Friday with the local unit gaining 61 paisas (+0.36 percent) on the back of the recently announced Saudi package. According to the State Bank of Pakistan, the US dollar opened at Rs172.26 and closed at Rs171.65. Within the open market, the rupee was traded at 173/ 174 per dollar. Currency experts said that Pakistan needs more inflows to stabilise the local currency. They said that the exchange rates are facing immense external payment pressure. They said the foreign currency market witnessed positive sentiment throughout the day. They were of the view that the local unit may gain appreciation in the coming days as there is strong likelihood of resumption of $6 billion Extended Fund Facility (EFF) by the International Monetary Fund (IMF). They said that the positive trend in rupee against the dollar after the announcement of Saudi support confirms that there was speculation in local currency, adding speculation in currency and dollar hoarding are against national interest. The Pakistani rupee made an all-time low of Rs175.27 on Tuesday last due to external payment pressure. The Pakistani rupee recovered Rs3.62 against the greenback during the last three days while overall appreciation during this week remained Rs2.35 during this week. The rupee depreciation during the fiscal year 2021-22 has been Rs14.23. The local unit has shed Rs11.38 against the US dollar in the current year 2021. The local currency has maintained a downtrend after it touched 22-month high of Rs152.48 in May 2021, losing a cumulative Rs19.36 in the past five months to date. Saudi Arabia announced additional support of $3 billion to Pakistan for building its foreign exchange reserves. The financial support is in addition to a $1.2 billion deferred oil facility to Pakistan to help its balance of payment issues.