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Rupee recovers against US dollar during intra-day trading

Rupee recovers against US dollar during intra-day trading

KARACHI: The rupee recovered against the US dollar in the interbank and open market during intra-day trading on Wednesday.

The rupee hit an intra-day high of Rs132 to the US dollar in the interbank, while on the open market it hit Rs133 after gaining Rs0.90.

The recovery comes after Saudi Arabia’s announcement of a $6 billion aid Package to Pakistan on Tuesday. Saudi Arabia will provide Pakistan with a deposit of $3 billion for a period of one year as balance of payment support. A one-year deferred payment facility for import oil, us to $3 billion will also be provided. This agreement will be in place for at least three years.

The news of the aid package also had a positive impact on the stock market. At the time this report was filed, the Karachi Stock Exchange had gained 1,454 points during intra-day trading.