Dollar falls to Rs158.76 after shedding 13 paisas

KARACHI: Pakistani rupee was appreciated by 13 paisas (+0.08 percent) against the US dollar on Wednesday, making it the third straight day to gain against the greenback during the ongoing week.
According to the State Bank of Pakistan, the US dollar was opened at Rs158.89 and closed at Rs158.76. The rupee traded within a very narrow range of 15 paisa per USD showing an intraday high bid of 158.83 and an intraday Low offer of 158.73. The rupee gained Re0.34 against the greenback during the last three days.
The currency dealers said that rupee gained against the international currency owing to improved inflows of workers’ remittances and export payments. They said that due to fall in coronavirus cases, the market remained optimistic and dollar demand for import payment is gradually rising. They were, however, optimistic that the inflows of export receipts and workers’ remittances would help the local unit gain further appreciation in coming days.
Meanwhile, foreign exchange reserves of the country stand at $20.058 billion by week ended February 12, 2021, State Bank of Pakistan (SBP) said. The official foreign exchange reserves of the central bank stand at $12.889 billion while reserves held by commercial banks stand at $7.168 billion by week ended February 12, 2021. – TLTP