Monday, March 4, 2024

Pakistani rupee reached its lowest level of Rs. 177 against US dollar despite the Saudi lifeline

The rupee continues to lose ground against foreign currencies, defying market expectations of currency stability following the receipt of $3 billion in aid from Saudi Arabia, hitting a new all-time low of Rs177.43 against the US dollar in the interbank market.

According to the State Bank of Pakistan, the rupee finished the day at Rs176.79 on Wednesday, down 0.36 percent (or Rs0.64) from the previous day (SBP).

The receipt of $3 billion from Saudi Arabia for deposit in the State Bank on Saturday last week was expected to help the rupee recover and stabilise at around $175. According to the Exchange Companies Association of Pakistan, the local currency fell to Rs179 per dollar on the open market (ECAP).

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