Karachi
Pakistani rupee appreciated against the US dollar by 18 paisas (+0.12 percent) in the interbank on Friday.
According to the State Bank of Pakistan, the US dollar opened atRs155.92 and closed at Rs155.74. Within the open market, the US dollar was traded at Rs155.50/156.20. Pakistani rupee shed Rs1.12 against the US dollar during this week.
However, the local unit has gained Rs13.31 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs4.10 in 2021.
Currency experts said that the market anticipated incentives in the budget announcement, which was announced later in the evening on Friday.
They hoped that the rupee may make further gains in the coming days owing to record inflows of workers’ remittances and rising foreign exchange reserves.
They said that the rupee remained under pressure this week as the fiscal year 2020-21 is ending June 30 and the demand for the foreign currency is usually high as corporate entities repatriate profit and dividends. —TLTP
