US DOLLAR JUMPS TO RS173.49 IN EARLY TRADE

US$ PRICE

According to forex dealers, the greenback rose to Rs173.49 after gaining 56 more paisas against the local unit in early trade.

The US dollar had closed at Rs172.93 against the rupee the other day, the State Bank Pakistan (SBP) said.

The local currency started recovering from its steep fall against the US dollar on Oct 27, after the government announced Saudi Arabia’s financial support of up to $4.2 billion, raising the central bank’s foreign exchange reserves and boosting the sentiments of the currency market.

A week later, however, the rupee snapped its winning streak and began reversing gains.

It is pertinent to mention here that the Kingdom deposited $3 billion with the central bank and extended $1.2 billion of trade finance to support the country’s balance of payments.