The rupee strengthened against the US dollar at Rs171.65 in the inter-bank market on Friday compared with Thursday’s close of Rs172.26, 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 increase in import payments, rising global commodity prices and uncertainty about the resumption of IMF loan programme.

Read SBP pumped $1.2 billion to defend rupee: WB

However, the announcement of $3 billion cash deposit by Saudi Arabia in the State Bank of Pakistan helped the rupee to wipe off some of the losses.

The rupee had been on the downtrend since hitting 22-month high of Rs152.27 in May 2021.

Published in The Express Tribune, October 30th, 2021.

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