KARACHI: After reaching an all-time high, the US dollar has depreciated Rs.1.43 paisas against the Pakistani rupee in the early trading in interbank, on Monday.
According to forex dealers, the greenback is currently trading at Rs174.30 after depreciating by Rs1.43 against rupee in intra-day trading.
The dollar was closed at Rs175.73 on Friday, the State Bank said.
On Sunday, Adviser to the Prime Minister on Finance, Shaukat Tareen had held the ‘satta mafia‘ involved in the depreciation of the rupee as the dollars being smuggled to Afghanistan. He announced that the government was going to tighten the noose around the mafia.
The local currency began to recover from its steep fall against the US dollar on Oct 27. It was after the government announced Saudi Arabia’s financial support of up to $4.2 billion, raising the central bank’s foreign exchange reserves and boosting the sentiments of the currency market.
A week later, however, the rupee registered its winning streak and began reversing gains.
It is relevant to mention here that the Kingdom deposited $3 billion with the central bank. It also extended $1.2 billion of trade finance to support the country’s balance of payments.
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