Pakistani rupee soars against US dollar in early trade

KARACHI: The rupee continued to strengthen against the United States (US) dollar on Friday as it appreciated 17 paisas in opening trade at the interbank currency market.

According to foreign currency dealers, the domestic unit opened at Rs152.85 against the greenback, registering an appreciation of 17 paisas over its previous close of Rs153.02.

On Thursday, the local unit had settled at Rs153.02 against the US dollar.

Also Read: Pakistan gets $2.5bn against Eurobond issue

Of late, the rupee 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.

The State Bank of Pakistan (SBP) received the proceeds of the government’s $2.5 billion eurobond issuance in its account the other day. After arrival of $2.5bn, the State Bank said its foreign exchange reserves have soared to $16bn, the highest level since July 2017.

Also Read: SBP foreign reserves decline by $146mn