Rupee strengthens against dollar

Rupee strengthens against Dollar

On Wednesday the Rupee currency gained a fresh Rs0.57 to Rs169.97 to a dollar in the inter-bank market.

The rupee has recovered Rs5.3 since hitting the record low of Rs175.27 against the greenback on October 26, 2021.

Prime reason behind the rupee’s rebound over the past few days was the $3 billion assistance announced by Saudi Arabia for Pakistan.

Saudi Arabian aid played a vital role in arresting the rupee’s slide as it reversed the selling momentum in the foreign exchange market.

Slight improvement in exports now a days did not have much impact on the rupee’s recovery. The exporters who were holding dollars while expecting the currency to weaken further, are now selling them, which is stabilising the local currency.

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