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Pakistani rupee surges high against US dollar

Greenback has fallen by Rs1.97 in last three trading sessions

SAMAA | - Posted: Nov 17, 2021 | Last Updated: 2 months ago
Posted: Nov 17, 2021 | Last Updated: 2 months ago

Photo: AFP

The Pakistani rupee opened strong Wednesday against the US dollar at the interbank market as PM’s aide on Finance and Revenue Shaukat Tarin revealed that Saudi Arabia’s $3b deposit to prop up reserves expected within days.

Currency exchange rates in Pakistan on Thursday, November 18

According to the State Bank of Pakistan, the value of the Pakistani currency inched 0.65% higher in the interbank market. It gained Rs1.13 against the greenback and settled at Rs173.76.

The US dollar fell by Rs1.97 in the last three trading sessions. Earlier, it had reached an all-time high of Rs175.73 in the interbank on November 12.

In the open market, the US dollar fell by 50 paisas taking it to Rs174.

Here are the open market rates of major currencies on November 17, 2021:

Saudi Riyal46.0046.50
UAE Dirham47.8048.50
UK Pound231.50234.00
Japanese Yan1.481.50

In the next nine-day, the value of the rupee decreased by almost Rs8.

The $3b Saudi deposit would support Pakistan’s foreign reserves that dropped by $1.6b last week due to external debt repayments that included repayment of $1 billion against Pakistan International Sukuk.

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One Comment

  1. Porkistani  December 10, 2021 5:19 pm/ Reply

    These Pakistani jokers celebrated so hard after getting $3.0 billion beggar money from Saudi . They thought with that money, Dollar is going to crash against PKR . I hope they saw the exchange rate now.

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