Pakistani rupee ends year with sharp recovery against US dollar

KARACHI: The Pakistani rupee ended the year 2021 with a sharp recovery against the United States (US) dollar in the interbank currency market.

The domestic unit today finished at Rs176.51 against the American currency, according to the data shared by the State Bank of Pakistan (SBP).

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The rupee recorded appreciation of Rs1 compared to the previous close of Rs177.51. The Pakistani currency had ended higher by Rs0.73 at Rs177.51 against the dollar the other day.

Interbank closing #ExchangeRate for today: https://t.co/VxM0lj3fa9 pic.twitter.com/8RmGe6ixPh

— SBP (@StateBank_Pak) December 31, 2021

The local unit declined by almost 12 per cent in the outgoing year.

On Thursday, Finance Minister Shaukat Tarin said the US dollar was overvalued due to the prevailing situation in Afghanistan and its exchange rate should be between Rs165 and Rs170.

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He hoped that the artificial rise in the American currency’s value would be controlled.