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Rupee edges down against dollar

KARACHI: The rupee lost four paisas against the dollar in the interbank market on Thursday, dealers said.

The exchange rate ended at Rs170.01 against the dollar from the previous day’s closing of Rs169.97 in the interbank foreign exchange market.

The rupee fell to the historic low of Rs175.27 on October 26, 2021. The local currency witnessed an improvement in its value after the Saudi government announced to support Pakistan’s balance of payments position.

Last week, Saudi Arabia announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion deferred oil facility to Pakistan to help its balance of payments position, an official statement said.

The exports of the country surged 25 per cent to $9.44 billion during July-October 2021, compared with $7.57 billion in the corresponding period of the last year, according to the data released by the Pakistan Bureau of Statistics.

The rupee remained under pressure since the start of the current fiscal year. The local currency fell Rs12.43, or 7.89 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs170.01 on November 4, 2021.

courtesy: bolnews.com

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