After recording an all-time low in the interbank market, the value of rupee has finally started recovering again. On Tuesday, the currency appreciated by 0.27%.
According to data shared by the State Bank of Pakistan, rupee rose by 48 paisas, pulling back dollar to Rs175.72.
Zafar Paracha, secretary of the Exchange Companies Association, told SAMAA Digital that the value of the dollar was raised artificially and it will further drop once the International Monetary Fund releases its tranche to Pakistan.
The government is hopeful that it will receive the next installment of the loan by January or February.
Meanwhile, in the open market, the dollar settled at Rs176.80.
Here are the open market rates of major currencies on November 30, 2021:
On November 29, Saudi Arabia and Pakistan signed the deposit agreement for the $3 billion loan package from the kingdom. The money is expected to reach this week.
Under it, the Saudi Funds for Development will deposit $3 billion with the State Bank of Pakistan. The amount will be a part of Pakistan’s Foreign Exchange Reserves.
The agreement will help support the country’s foreign currency reserves and contribute towards resolving the adverse effects of the COVID-19 pandemic.