Karachi: Reports of expected inflows from Saudi Arabia helped rupee register significant gains against dollar as currency climbed 1.2 percent during trading in inter-bank market.

As per State Bank of Pakistan (SBP), rupee closed at 284.42, an increase of Rs 3.43. This comes day after rupee hit new record low of 287.85 in inter-bank market after decline of Re 56 or 0.19 percent.

In key development, Saudi Arabia has assured International Monetary Fund that it will provide $ 2 billion loan to Pakistan, said Minister of State for Finance Aisha Ghaus Pasha as per Bloomberg report.

Globally, dollar gained slightly on Thursday but hasn’t strayed too far from recent two-month low as traders weighed how pivotal US jobs data coming out during holiday weekend will impact Federal Reserve policy.

List of soft economic data has added to fears of an impending recession in world’s largest economy, putting lid on risk appetite and sending traders in search of some safe-haven assets.

US dollar index was up 0.1 percent at 101.95, having slid to two-month trough of 101.40 in previous session.

Published in The Daily National Courier, April, 07 2023

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