Monday, February 26, 2024

Dollar falls below Rs. 170 as Pakistani Rupee made remarkable recovery due to Saudia Arabia’s Assistance.

The recent wave of rupee appreciation continued, with the US dollar falling further Rs0.74 to Rs169.8 in intra-day trading on the interbank market.

Since October 26, 2021, when it peaked at Rs175.27 against the greenback, the local currency has gained Rs5.47.

Fahad Rauf, Head of Research at Ismail Iqbal Securities, told to an official source, that the $3 billion help provided by Saudi Arabia for Pakistan was the primary cause for the local currency’s recent resurgence.

“Saudi aid halted the selling momentum in the foreign exchange market, which helped to stop the rupee’s drop,” he said.

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