Pakistani rupee snapped its losing streak againstthe US dollar after two days and gained 9 paisas (+0.6 percent) in the interbank on Wednesday.
According to the State Bank of Pakistan, the US dollar opened atRs155.78 and closed at Rs155.69. Pakistani rupee shed Rs1.07 against the US dollar during the last three days. Within the open market, the US dollar was traded at Rs155.80-156.30.
However, the local unit has gained Rs13.36 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs4.15 in 2021. Currency experts said that the inflows of export receipts and workers’ remittances helped the rupee make gains during the day.
They said that the rupee weakened during the first two days of the current week due to a surge in real effective exchange rate and higher oil prices.
They said that trade figures for the month of May too were not supportive. —TLTP