Pakistan rupee extended gains against the US dollar for the second straight week and recovered Rs1.64 (+0.96 percent).
According to the State Bank of Pakistan, the US dollar opened at Rs171.65 in the interbank market on Monday last and closed at Rs170.01 on Friday, the last working day of the week. Within the open market, the rupee was traded at Rs171/173 per dol-lar during the week.
During the last week, the rupee strengthened during the first three sessions, struggled on Thursday and remained flat on Friday.
The rupee gained 36 paisas (+0.21 percent) on Monday, 75 paisas (+0.44 per-cent) on Tuesday and 57 paisas (+0.34 percent) on Wednesday.
The Pakistani rupee snapped the six-day winning streak against the US dollar in the in-ter-bank market on Thursday with shedding 4 paisas (-0.02 percent).
However, the Pakistani rupee re-mained firm against the US dollar on Friday and closed unchanged.
The Kingdom of Saudi Arabia on October 26 an-nounced support of $3 billion to Pakistan for build-ing its foreign exchange reserves.
This support is in addition to a $1.2 billion deferred oil facility to Pakistan to help its balance of payment issues.
This supported the depreciating rupee, which had plum-meted to 175.27 against the US dollar on October 26 and since then the local currency has recovered Rs5.26 during the last eight sessions.—TLTP
