Pakistan rupee snapped the losing streak against the US dollar on Monday and recovered Rs1.09 (+0.68 percent) in the interbank.
According to the State Bank of Pakistan, the US dollar opened at Rs162.32 and closed at Rs161.23.
Within the open market, the rupee was traded at Rs162.30/162.80 per dollar.The sharp recovery can be attributed to significant increase in foreign exchange reserves.
The foreign exchange reserves of the country reached $25.128 billion after transfer of $1.04 billion against the proceeds of Eurobond, according to the State Bank of Pakistan (SBP), which helped the local currency to make gains against the US dollar. —TLTP