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Rupee weakens against US dollar

KARACHI: The Pakistani rupee depreciated 23 paisas against the United States (US) dollar in the inter-bank currency market on Thursday.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs155.92 against the greenback, registering depreciation of 23 paisas (-0.15%) over previous close of Rs155.69.

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

Also Read: Overseas Pakistanis send over $26 bn remittances in 11 months of FY20

The local unit has gained considerable ground on the back of improved foreign exchange reserves, current account surplus, higher remittances besides less demand of dollar due to the ongoing pandemic.

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