Dollar slips to Rs159.17

Observer Report

Pakistan rupee appreciated against the US dollar in the interbank after four straight days on Friday and gained 16 paisas (+0.10 percent).

According to the State Bank of Pakistan, the US dollar opened atRs159.33 and closed at Rs159.17.

Within the open market, the US dollar was traded at 159.50/160.30.Overall, Pakistani rupee shed Rs1.33 against the US dollar during this week, while depreciation during the fiscal year 2021-22 has been Rs1.63. However, the local unit has so far gained Rs0.94 in the current year 2021.

Currency experts said that a substantial increase in foreign exchange reserves reported by the State Bank of Pakistan (SBP) a day earlier helped the local currency make gains during the day.

A day earlier the SBP reported that the foreign ex-change reserves of the country increased to $24.415 billion by the week ended July 02, 2021.

Previous articleCoke Studio’s role in promoting Pakistani culture acknowledged
Next articleChina’s auto sales up 25.6 pct in H1