August 15, 2022 (MLN): Extending its gains further against the greenback, the Pakistani rupee (PKR) secured 3.49 rupees in early trade on Monday compared to the previous close of PKR 215.49 per USD.
The local unit was quoted at PKR 212.97/213.97 [9:40 PST] with the trades being reported at 212 per USD while in the open market, PKR was traded at 210/213.50 per USD.
News flows pertaining to foreign exchange inflows from Saudi Arabia have strengthened the PKR rally in the interbank market. According to the Bloomberg report, the Saudi Finance Ministry is planning to renew its $3 billion deposit with the State Bank of Pakistan (SBP) as soon as this week.
The kingdom is also considering to provide $100 million a month for 10 months in petroleum products that will be granted as additional support.
It is pertinent to mention that this development came during the crucial time when Pakistan is in dire need of a foreign exchange, which will pave the way for IMF’s board approval at the end of August 2022.
