The Pakistan Rupee appreciated against the US Dollar (USD) on Tuesday and continued its run against the dollar. It gained 75 paisas against the dollar and closed at 170.54, posting a growth of 2.77 percent since crashing to an all-time low in October.

On Monday, the local currency continued to register its largest increase in value since April 2020. It added 36 paisas against the dollar and closed at 171.29 in the interbank market yesterday.

The rupee has appreciated Rs. 4.73 in the past four market closings. The local unit has continued its growth against the US dollar as Pakistan received funds from Saudi Arabia through the supplementary foreign exchange reserve assets (SDRs), which are units of account for the International Monetary Fund (IMF). They represent a claim to currency held by IMF member countries for which they may be exchanged.

It should be noted that Saudi Arabia is the largest Arab country to obtain 9577.5 million SDRs, with a 2.1 percent voting stake.

The former Treasury Head of Chase Manhattan Bank, Asad Rizvi, discussed the news on Twitter and expressed confidence that the rupee would stabilize.

The PKR appreciated against other major currencies too. It gained 38 paisas against the Euro, 121 paisas against Pound Sterling (GBP), 117 paisas against the Australian Dollar (AUD), and 70 paisas against the Canadian Dollar (CAD).

It also added 20 paisas against both Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED) today.

Source: Pro Pakistani