KARACHI: On Monday, the Pakistani rupee gained Rs1.7 versus the dollar in early dealings on the interbank foreign currency market.
At the start of the interbank market, the dollar is trading at Rs175.70.
On Friday, December 3, 2021, the exchange rate was Rs176.77.
According to currency traders, the rise in the local currency comes after Pakistan received $3 billion in foreign exchange deposits from Saudi Arabia on Saturday to help with the country’s balance of payments.
These inflows were received by the State Bank of Pakistan in the form of one-year safe deposits to help the country’s balance of payments problem, and are expected to provide the necessary support to the local currency.
The interbank market closed at Rs176.77 on Friday, a record low versus the dollar.
The open market prices for purchasing and selling the dollar were Rs177.85 and Rs179.35, respectively.