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Rupee continues to strengthen against US dollar

KARACHI: The Pakistani rupee strengthened by 19 paisas against the United States (US) dollar at the interbank currency market on Monday.

According to the State Bank of Pakistan (SBP), the domestic unit closed at 152.75 against the greenback, registering an appreciation of 19 paisas over its previous close of Rs152.94

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.

Also Read: PM lauds overseas Pakistanis after remittances break ‘all records’

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

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