Dollar down to Rs157.74 as rupee recovers 48 paisa

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Observer Report
Karachi

Pakistan rupee appreciated by 48 paisas (+0.30 per-cent) against the US dollar in the interbank on Tuesday after shedding 60 paisas against the green-back a day earlier.

According to the State Bank of Pakistan, the US dollar opened atRs158.22 and closed at Rs157.74. Within the open market, the US dollar was traded at Rs158/158.70. Overall, Paki-stani rupee shed 12 paisas against the US dollar during the last two days.

However, the local unit has gained Rs10.30 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs2.10 in 2021.

The currency experts said that the local currency appreciated in the backdrop of the agreement signed between Pakistan and the Interna-tional Islamic Trade Finance Corporation (ITFC), amounting to $4.5 billion for importing crude oil.

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