Pakistani rupee climbs to 152 against US dollar

KARACHI: The Pakistani rupee extended gains against the United States (US) dollar at the start of Wednesday’s trading in the inter-bank currency market.

According to forex dealers, the greenback opened at Rs151.50 against the local unit but later rebounded to Rs152.25. After depreciating 84 paisas, the dollar is now trading at Rs152.25, a 21-month low.

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The US dollar had finished at 153.09 against the rupee the other day, according to the State Bank of Pakistan (SBP).

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.

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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.