Rupee weakens against US dollar
KARACHI: The Pakistani rupee deppreciated 34 paisas against the United States (US) dollar in the interbank currency market on Monday.
According to the State Bank of Pakistan (SBP), the local currency closed at Rs153.70 against the greenback, registering depreciation of 34 paisas (-0.22%) over the previous close of Rs153.36.
— SBP (@StateBank_Pak) May 24, 2021
The rupee has recovered more than Rs15 during the last ten 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.