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Pak rupee recovers Rs2.25 against dollar to close at Rs132.50

Pak rupee recovers Rs2.25 against dollar to close at Rs132.50

KARACHI: The Pakistani currency recovered against the US dollar and closed buoyant in open market on Wednesday.

As per the local money market, the dollar lost Rs2.25 in open market for buying at Rs131.50 and for selling at Rs132.50. The local currency remained firm against dollar in interbank for buying at Rs133.50 and for selling at Rs133.70.

On Tuesday, the greenback lost five paisas in the open market for buying at Rs133.75 and 15 paisas for selling at Rs134.75. The dollar also shed 10 paisas in interbank for buying at Rs133.50 and for selling at Rs133.70.

“The recovery in rupee is seen following Saudi Arabia’s announcement of a $6 billion aid package for Pakistan,” Exchange Companies Association of Pakistan General Secretary Zafar Paracha said.

The rupee has gained ground on the back of a pledge of $3 billion inflows from Saudi Arabia to fix balance of payment crisis. Besides, the friendly country has also established a credit line worth another $3 billion for oil supplies to Pakistan for three years.

Pakistan Forex Association President Malik Bostan said this is the first big achievement of the government on the external front during its first 100 days of rule.