Dollar falls to Rs155.74 shedding 98 paisas

KARACHI: Pakistani rupee made a giant leap against the US dollar by gaining 98 paisas (+0.63 percent) in the interbank on Wednesday.

According to the State Bank of Pakistan, the US dollar was opened at Rs156.72 and closed at Rs155.74. This has been the highest level for the local currency against the greenback since March 6, 2020.

The rupee has gained Rs1.40 against the greenback in the last three days, while it has gained Rs3.34 against the dollar since February 19. Within the open market, rupee was traded at 155.80/156.50 per dollar.

Currency dealers said that despite demand of the foreign currency during the day the rupee recovered. They said that the market witnessed sufficient supply of the foreign currency. They said that the sentiments remained positive due to improved inflows of export receipts and workers’ remittances during the first eight months of the current fiscal year.

Meanwhile, the foreign exchange reserves held by the country stand at $20.16 billion by week ended March 05, 2021, State Bank of Pakistan (SBP) said. The reserves held by the central bank stand at $13,016.10 million while reserves held by commercial banks stand at $7,141.80 million. – TLTP

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