KARACHI: After weeks of performing poorly against the dollar, rupee finally rebounded as Saudi Arabia announced a $4.2 billion support package for Pakistan. The gains in rupee value were recorded here at the intra-day trading in the inter-market on Wednesday.
According to the bankers and traders, the Saudi moolah will bolster the, otherwise, depleting foreign reserves of the country.
Rupee had been performing poorly over the last few months and had lost around 13.6 per cent value since May this year. In a bid to strengthen its foreign reserves, Pakistan has been in negotiations with the International Monetary Fund (IMF) to secure a share of $1bn.
Prime Minister Imran Khan acknowledged the Saudi support and tweeted:
“The Kingdom of Saudi Arabia has always been there for Pakistan in our difficult times, including now when the world confronts rising commodity prices.”