PKR strengthens by one rupee against USD on Saudi assistance

MG News | July 11, 2023 at 11:55 AM GMT+05:00

0:00

July 11, 2023 (MLN): On the back of Saudi Arabia's much-needed support of $2 billion, the Pakistani rupee (PKR) has registered a gain of over one rupee against the greenback as the trades were reported at PKR 278.49 per USD during intraday trading today.

The dollar was being quoted at 278.57/ 279.57 (11:57 PST) when compared to the previous day’s close of 279.80 per USD.

The State Bank of Pakistan (SBP) today received a $2bn deposit from Saudi Arabia, Federal Minister for Finance Muhammad Ishaq Dar informed while addressing a press conference in Islamabad.

This inflow will help Pakistan’s foreign exchange reserves to increase.

As of June 30, 2023, the country's total reserves stood at $9.75bn.

At the end of the outgoing month, the long-standing Staff Level Agreement (SLA) worth $3bn finally been signed between the International Monetary Fund (IMF) and Pakistan.

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