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Rupee edges up against US dollar

KARACHI: The Pakistani rupee strengthened by eight paisas against the United States (US) dollar at the interbank currency market on Friday, hitting a 22-month high. 

According to foreign currency dealers, the domestic unit closed at 152.75 against the greenback, registering an appreciation of eight paisas over its previous close of Rs152.83.

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 Rs15 during the last seven months since it touched an all-time low of Rs168.43 last year in August.

On Thursday, the State Bank of Pakistan (SBP) said its foreign exchange reserves increased by US$2,579 million and were recorded at $16,106 million during the week ending on April 9.

According to the data released by the central bank, net reserves held by the SBP stood at $16,106.4 million. Net reserves held by commercial banks amounted to $7,113 million. Overall liquid foreign reserves held by the country stood at US$ 23.220 million as of April 9, 2021.

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