Good News for those Pakistanis Coming Back to Saudi Arabia!

In the interbank market, after 7 months, the dollar fell by 97 paise to close at 155.74 paise in one day.

The dollar hit a one-year low in both foreign exchange markets on Wednesday on the prospect of the government’s acquisition of an international bank to issue Pakistan Eurobonds and the issuance of Eurobonds this month to boost the country’s foreign exchange reserves. And the rupee strengthened.

In the interbank market, the dollar depreciated by 97 paise to close at Rs 155.74 in one day after 7 months, while in the open currency market, the dollar fell by Rs 1 to close at Rs 156.20.
Experts say factors such as the Asian Development Bank’s subsidy to Pakistan to provide 1. 1.1 billion in financing for oil and gas imports and a 24 percent increase in remittance inflows have also contributed to the dollar’s decline.

Financial experts say the dollar has been under pressure over the past few weeks due to the government’s strategy adopted by the International Trade Finance Corporation, which has eased the payment pressure on the country and increased foreign exchange supply, leading to interbank and open trade. The supply of dollars in the market has increased.

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