Rupee jumps after $5b investment deals

Pakistani currency bounced back on Tuesday and appreciated Rs0.12 to Rs278.12 against the US dollar in the inter-bank market after a visiting Saudi business delegation signed investment agreements of billions of dollars. According to the State Bank of Pakistan’s data, the rupee had closed at Rs278.24 on Monday. The local currency has gained 10.42%, or almost Rs29, in the past eight months since reaching the record low close at Rs307.10/$ in the first week of September 2023. Market talk suggests that exporters were selling dollars in higher quantities on forward currency counters, believing that the rupee would gain further ground on the back of reports that Saudi Crown Prince Muhammad bin Salman would arrive soon to further cement the investment accords valuing at over $5 billion.