Dollar gets Rs2.6 cheaper against rupee as KSA promises $4.2bln support

The US dollar in the interbank trade on Wednesday has recorded a retreat of Rs2.61 against the rupee as soon as the Kingdom of Saudi Arabia promised $3 billion deposit in the central bank.

The charging US dollar that only yesterday made a new record of marching past the Rs175-mark against the bleeding rupee has receded on the back of Saudi Crown Prince MBS’ promises of two-pronged financial support up to $4.2 billion.

The forex traders have cited this KSA support for respite in rupee value, after Prime Minister Imran Khan’s visit to the kingdom that concluded yesterday.

In the mid-week interbank trading during the day, the dollar has shed Rs2.61 value and is presently trading at Rs172.66.

Pertinent to note today that PM Imran Khan has thanked Crown Prince Mohammed bin Salman following the Saudi Arabian “generous gesture” of depositing $3 billion in the Pakistani central bank to support the country’s foreign exchange reserves.

PM Khan said in a tweet earlier today from his official account that he wants to thank His Royal Highness (HRH) Prince Mohammad bin Salman for supporting Pakistan with the deposit of $3 billion in the State Bank of Pakistan and for “financing refined petroleum product with $1.2 bn”.

Article source: https://nation.com.pk/27-Oct-2021/dollar-gets-rs2-6-cheaper-against-rupee-as-ksa-promises-dollar-4-2bln-support