The rupee strengthened against the US dollar at Rs172.26 in the inter-bank market on Thursday compared with Wednesday’s close of Rs172.78, according to the State Bank of Pakistan (SBP).
On October 26, 2021, Pakistani currency closed at an all-time low of Rs175.27 as demand for the foreign currency stood higher compared to its supply in the wake of an increase in import payments, rising global commodity prices, and lack of news regarding the resumption of the IMF programme.
However, the announcement of a $3 billion deposit by Saudi Arabia to the State Bank of Pakistan caused the local currency to wipe out a few of the losses and appreciate.
Published in The Express Tribune, October 29th, 2021.
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