The Pakistan rupee strengthened by 29 paisa against the United States (US) dollar in the inter-bank currency market on Thursday.
According to the State Bank of Pakistan (SBP), the local unit closed at Rs155.45 against the greenback as compared to the previous day’s closing of Rs155.74.
The buying and selling rates of dollar in the open market were recorded at Rs155.1 and Rs155.8, respectively.
The local currency has gained considerable ground on the back of improved foreign exchange reserves, current account surplus, higher remittances besides less demand of dollar due to the ongoing pandemic.
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. Economic experts attribute the rupee appreciation to an increase in foreign currency inflows in shape of remittances.
