Rupee appreciates against US dollar

KARACHI: The Pakistani rupee appreciated 85 paisas against the United States (US) dollar in the inter-bank currency market on Thursday.

According to the State Bank of Pakistan (SBP), the local currency closed at 157.68 against the greenback, registering an appreciation of 85 paisas over the previous close of Rs158.53.

Interbank closing #ExchangeRate for today:https://t.co/11Bq9zfGGH pic.twitter.com/x5Li7q0IQe

— SBP (@StateBank_Pak) June 24, 2021

The rupee had touched an all-time low of 168.43 last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April.

Also Read: SBP foreign reserves rise $272mn to $16.1bn

The local unit gained considerable ground on the back of improved foreign exchange reserves, current account surplus, and higher remittances besides less demand of dollar due to the pandemic