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Rupee weakens against US dollar

KARACHI: The Pakistani rupee weakened by 25 paisas against the United States (US) dollar in the interbank currency market on Friday.

The local currency closed at Rs153.55 against the greenback as compared to the previous day’s closing of Rs153.30, according to the State Bank of Pakistan (SBP).

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

Also Read: SBP foreign reserves rise $378mn to $13.67bn

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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