KARACHI: The Pakistani rupee strengthened by 21 paise against the United States (US) dollar at the start of today’s trading in the inter-bank currency market, reported ARY News.
According to forex dealers, the dollar is trading at 154.80 against the local unit as compared to yesterday’s closing rate of Rs155.01.
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The rupee appreciated 38 paise (0.25 percent) to close at Rs155.01 against the greenback the other day, the data released by the State Bank of Pakistan (SBP) showed.
The local currency has gained considerable ground on the back of improved foreign exchange reserves, current account surplus, higher remittances besides less demand of dollars due to the ongoing pandemic.
Also Read: IMF approves loan’s third tranche for Pakistan
The rupee has recovered more than Rs12 during the last seven months since it touched an all-time low of Rs168.43 last year in August.
On Wednesday, the International Monetary Fund (IMF) gave a go-ahead to the release of the third tranche of around $500 million to Pakistan, reviving the $6 billion program after it remained derailed for over a year due to the pandemic.