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Pakistani rupee strengthens against US dollar

KARACHI: The Pakistani rupee strengthened by 33 paisas (0.22%) against the United States (US) dollar in the interbank currency market on Tuesday.

According to the State Bank of Pakistan (SBP), the local unit closed at Rs153.33 against the greenback as compared to yesterday’s closing rate of Rs153.66.

Last week, the rupee climbed to Rs152.25 against the US dollar, hitting a 21-month high.

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.

The rupee has recovered more than Rs14 during the last seven months since it touched an all-time low of Rs168.43 last year in August.

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