Rupee hits over one-year high against US dollar
- By Web Desk -
- Mar 16, 2021
KARACHI: The Pakistani rupee touched over a one-year high against the United States (US) dollar in the inter-bank currency market on Tuesday.
According to the State Bank of Pakistan (SBP), the local currency appreciated by 28 paisa or 0.18 per cent against the greenback today, closing at Rs156.72. The dollar had finished at Rs157.00 against the rupee the other day.
Interbank closing #ExchangeRate for today: https://t.co/wo8k8WTN2r pic.twitter.com/rhkHdWnHbw
— SBP (@StateBank_Pak) March 16, 2021
The currency has recovered more than 7 per cent or Rs11 during the last seven months since it touched an all-time low of Rs168.43 last year in August. Economic experts attribute the rupee appreciation to foreign currency inflows in shape of remittances.
On March 12, the central bank said the country’s foreign exchange reserves witnessed an increase of US$25 million in the week ending on March 5. Net reserves held by the SBP stood at $13.16 billion.