Snapping 4-day losing streak, rupee rallies against dollar
- By admaster -
- May 28, 2021
KARACHI: The Pakistani rupee appreciated 41 paisas against the United States (US) dollar at the end of week’s trading in the inter-bank currency market on Friday.
According to the State Bank of Pakistan (SBP), the local currency closed at 154.43 against the greenback, registering appreciation of 41 paisas over the previous close of Rs154.84.
Interbank closing #ExchangeRate for today:https://t.co/X6OeruD5ce pic.twitter.com/dg6qtTQ5a1
— SBP (@StateBank_Pak) May 28, 2021
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.
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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.