Rupee strengthens against US dollar

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Observer Report
Karachi

The Pakistani rupee appreciated 10 paisas against the United States (US) dollar in the interbank currency market on Friday.

According to the State Bank of Pakistan (SBP), the local currency finished at Rs153.36 against the greenback, registering appreciation of 10 paisas (0.07%) over the previous close of Rs153.46.

The rupee has recovered more than Rs15 during the last seven months since it touched an all-time low of Rs168.43 last year in August.

The local unit has gained considerable ground on the back of improved foreign exchange reserves, current account surplus, foreign loan receipts, higher remittances besides less demand of dollar due to the ongoing pandemic.

 

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