Pakistani rupee hammers US dollar to below Rs170 level

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Observer Report
Karachi

After the arrival of the Saudi package in the State Bank of Pakistan, the emboldened rupee is showing some kind of robustness against the US dollar which was earlier battering it constantly.

The resuscitated rupee gained 84 paisas against the US dollar in the inter-bank trade and it was chang-ing hands for Rs169.70 on Wednesday.

The rupee also gained 40 paisas against Euro and Rs2 against British Pound Sterling.
After the Saudi package of $4.20 billion for Paki-stan, the falling rupee showed a little bit of spine and aborted the high flight of the ever-rising dollar.

In just first session, the dollar became 84 paisas cheaper, down from Rs170.54 to Rs169.70 in inter-bank trading.

According to the economic experts, after the Saudi aid stash, the dollar which was hovering at the his-toric level of Rs175.27 before the aid, has now be-come Rs4.82 cheaper.

After the inter-bank, the rates of the US dollar and other currencies have also come down in the open market.

In the open market, the US dollar became 70 paisas cheaper and was traded for Rs171.50. The rate of Euro fell down by 40 paisas and it was traded for Rs198 and Pound Sterling after tumbling by Rs2, could be acquired for Rs234.50.

Emirates Dirham became cheaper by 60 paisas in the open market and it was traded Rs47.90 and Saudi Riyal after falling by 15 paisas was traded for Rs45.40.

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