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Pakistani rupee regains against US dollar after hitting all-time low

It appreciated by 0.27%

SAMAA | - Posted: Nov 30, 2021 | Last Updated: 2 months ago
SAMAA |
Posted: Nov 30, 2021 | Last Updated: 2 months ago

Photo: AFP

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After recording an all-time low in the interbank market, the value of rupee has finally started recovering again. On Tuesday, the currency appreciated by 0.27%. According to data shared by the State Bank of Pakistan, rupee rose by 48 paisas, pulling back dollar to Rs175.72. Interbank closing #ExchangeRate for today:https://t.co/0EyyQ2FxON pic.twitter.com/SCcmnJgP8m— SBP (@StateBank_Pak) November 30, 2021 Zafar Paracha, secretary of the Exchange Companies Association, told SAMAA Digital that the value of the dollar was raised artificially and it will further drop once the International Monetary Fund releases its tranche to Pakistan. Related: Currency rates in Pakistan on Wednesday, Dec 1 The government is hopeful that it will receive the next installment of the loan by January or February. Meanwhile, in the open market, the dollar settled at Rs176.80. Here are the open market rates of major currencies on November 30, 2021: CurrencyBuyingSellingUSD176.80177.30Saudi Riyal46.4046.90UAE Dirham48.5049.50UK Pound232.50235.00Euro197.50199.80Japanese Yan1.521.54AUD123.00125.00CAD135.50137.50Chinese Yuan27.0029.00 On November 29, Saudi Arabia and Pakistan signed the deposit agreement for the $3 billion loan package from the kingdom. The money is expected to reach this week. Under it, the Saudi Funds for Development will deposit $3 billion with the State Bank of Pakistan. The amount will be a part of Pakistan’s Foreign Exchange Reserves. The agreement will help support the country’s foreign currency reserves and contribute towards resolving the adverse effects of the COVID-19 pandemic. Follow SAMAA English on Facebook, Twitter, and Instagram.
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After recording an all-time low in the interbank market, the value of rupee has finally started recovering again. On Tuesday, the currency appreciated by 0.27%.

According to data shared by the State Bank of Pakistan, rupee rose by 48 paisas, pulling back dollar to Rs175.72.

Zafar Paracha, secretary of the Exchange Companies Association, told SAMAA Digital that the value of the dollar was raised artificially and it will further drop once the International Monetary Fund releases its tranche to Pakistan.

Related: Currency rates in Pakistan on Wednesday, Dec 1

The government is hopeful that it will receive the next installment of the loan by January or February.

Meanwhile, in the open market, the dollar settled at Rs176.80.

Here are the open market rates of major currencies on November 30, 2021:

CurrencyBuyingSelling
USD176.80177.30
Saudi Riyal46.4046.90
UAE Dirham48.5049.50
UK Pound232.50235.00
Euro197.50199.80
Japanese Yan1.521.54
AUD123.00125.00
CAD135.50137.50
Chinese Yuan27.0029.00

On November 29, Saudi Arabia and Pakistan signed the deposit agreement for the $3 billion loan package from the kingdom. The money is expected to reach this week.

Under it, the Saudi Funds for Development will deposit $3 billion with the State Bank of Pakistan. The amount will be a part of Pakistan’s Foreign Exchange Reserves.

The agreement will help support the country’s foreign currency reserves and contribute towards resolving the adverse effects of the COVID-19 pandemic.

Follow SAMAA English on FacebookTwitter, and Instagram.

 
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