Dollar gains 5 paisas to reach 157.14 rupees

KARACHI: The US dollar gained 5 paisas (-0.03 percent) against Pakistani rupee in the interbank on Friday.
According to the State Bank of Pakistan, the US dollar was opened at Rs157.09 and closed at Rs157.14. The rupee has gained Rs1.94 against the greenback since February 19. Within the open market, rupee was traded at 156.90/157.40 per USD.
The rupee traded within a very narrow range of 17 paisa per dollar showing an intraday high bid of 157.21 and an intraday low offer of 157.08. Within the open market, rupee was traded at 157.00/157.50 per dollar.
Currency dealers said that the market witnessed higher demand for the foreign currency ahead of two weekly holidays. They said that the market sentiments remained positive due to significant increase in workers’ remittances and export receipts. They hoped the local unit would make gains in the coming days owing to better inflows.
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