{"id":3540,"date":"2021-10-27T11:48:21","date_gmt":"2021-10-27T11:48:21","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=3540"},"modified":"2021-10-27T11:48:21","modified_gmt":"2021-10-27T11:48:21","slug":"rupee-recovers-sharply-to-rs172-78-against-us-dollar","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/rupee-recovers-sharply-to-rs172-78-against-us-dollar\/","title":{"rendered":"Rupee recovers sharply to Rs172.78 against US dollar"},"content":{"rendered":"<p>KARACHI: The Pakistani rupee rebounded on Wednesday, sharply recovering to Rs172.78 against the US dollar in the inter-bank market after Saudi Arabia announced that it was depositing $3 billion in the State Bank of Pakistan (SBP) to help support its foreign reserves.<br \/>\nAccording to data released by central bank, the local currency appreciated around 1.44% (or Rs2.49) to settle at Rs172.78 in the inter-bank market. The local currency had closed at an all-time low of Rs175.27 against the greenback on Tuesday.<br \/>\nLate on Tuesday, the Saudi Fund for Development had said it was depositing $3 billion in State Bank of Pakistan (SBP) to help support its foreign reserves.<br \/>\nThe fund added that an official directive was issued to supply $1.2 billion to finance Pakistan\u2019s oil products trade during the year.<br \/>\nThe news was acknowledged by all financial markets as it positively impacted the foreign exchange reserves.<br \/>\nMoreover, Federal Minister for Energy Hammad Azhar confirmed that the Saudi fund has also generously announced for Pakistan an oil deferred payments facility of $1.2 billion per annum.<br \/>\nAnalysts believe this will ease the uncertainty due to the energy crisis and costly imports of oil which has been the major reason behind currency depreciation.<br \/>\nRupee recovers sharply to Rs172.78 against US dollar<br \/>\nThe rupee had maintained the downtrend for the past five months. It has lost 13.46% (or Rs20.51) to date, compared to the 22-month high of Rs152.27 recorded in May.<br \/>\nThe local currency had depreciated 9.67% (or Rs15.24) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.<br \/>\n<em><strong>Read more:\u00a0<a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/pakistani-rupee-hits-all-time-low-against-us-dollar.html\" target=\"_blank\" rel=\"noopener noreferrer\">Pakistani rupee hits all-time low against SBP<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KARACHI: The Pakistani rupee rebounded on Wednesday, sharply recovering to Rs172.78 against the US dollar in the inter-bank market after Saudi Arabia announced that it was depositing $3 billion in the State Bank of Pakistan (SBP) to help support its foreign reserves. According to data released by central bank, the local currency appreciated around 1.44% [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":2884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,2],"tags":[2083,572,599],"class_list":["post-3540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","category-pakistan","tag-federal-minister-for-energy-hammad-azhar","tag-sbp","tag-state-bank-of-pakistan"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/3540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=3540"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/3540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/2884"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=3540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=3540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=3540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}