Rupee continues to strengthen against US dollar

Pakistani Rupee

KARACHI: The Pakistani rupee strengthened by 55 paisas against the United States (US) dollar at the start of week’s trading in the inter-bank currency market on Monday.

According to the State Bank of Pakistan (SBP), the rupee closed at 154.04 against the greenback as compared to Friday’s closing rate of Rs154.59.

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

The rupee has recovered more than Rs12 during the last seven months since it touched an all-time low of Rs168.43 last year in August.

Last week, the International Monetary Fund (IMF) gave a go-ahead to the release of the third tranche of around $500 million to Pakistan, reviving the $6 billion programme after it remained derailed for over a year due to the pandemic.

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