For the 16th session in a row, the rupee depreciated slightly versus the US dollar falling 0.02 percent on Wednesday in the inter-bank market.
According to the State Bank of Pakistan (SBP), the rupee fell Rs0.05 to end the day at 227.93. The value of the rupee against the dollar has fallen by 10.16 percent so far this fiscal year.
The rupee fell against the US dollar on Tuesday for the fifteenth consecutive session ending the day at 227.88 down Rs0.47 or 0.21 percent.
Saudi official news agency said on Tuesday that the Kingdom of Saudi Arabia (KSA) suggested a raise in the cap deposits to the Pakistani central bank to $5 billion and expanding its investments in Pakistan’s cash-strapped economy to $10 billion.
The Saudis extended the conditions of a $3 billion deposit they put with the central bank in 2021 last month.
At the Geneva summit, co-hosted by the UN and Pakistan on Monday, foreign donors notably Saudi Arabia pledged nearly $9 billion to assist Pakistan in recovering from the disastrous floods of the previous year.
PKR closed at 235.75 and 238 respectively against USD on the open market, and it closed at 270 and 272 against the Euro respectively, rupee increased 10 paisa while purchasing and selling UAE Dirham finished at 68.70 and 69.20 respectively and PKR increased 10 paisa for purchasing and remained steady for selling against the Saudi Riyal finishing at 66.70 and 67.30 respectively.