KARACHI: In intraday trade in the interbank currency market on Thursday, the US dollar surged 51 paisa to Rs176.09 against the Pakistani rupee.
According to foreign currency dealers, the greenback resumed lower by 3 paisa at Rs175.45, compared to its last close of Rs175.48 against the domestic unit but later, not only pared initial loses but rose by 51 paisa to Rs176.09 intra-day trading.
After gaining 24 paisa versus the dollar in the interbank market the day before, the rupee concluded at Rs175.48.
The US dollar is currently trading at Rs177.30 against the rupee on the open market.
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 the terms of this deposit agreement, SFD will deposit $3 billion with SBP. The deposit amount will be added to the SBP’s Foreign Exchange Reserves,” the central bank announced on Monday.
A $1.2 billion oil loan facility is part of the Saudi assistance package. It was agreed upon during Prime Minister Imran Khan’s recent visit to Saudi Arabia.
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