Saudi Arabia to provide $4.2-billion support package to Pakistan

Pakistan’s currency bounced back on Wednesday to gain 2.48 rupees against the US dollar in intra-day trading, after long-time ally Saudi Arabia announced a support package of $4.2 billion, traders and bankers said.
 

The Saudi money will help Pakistan shore up its foreign reserves, which have been shrinking. The rupee closed the previous session at 175.60 against the dollar. It had depreciated around 13.6 per cent since May.
 

“The rupee appreciation is result of the Saudi funding announcement, widely seen as a positive surprise much needed to bolster the external account," Saad Hashemy, executive director at BMA Capital, said. Saudi