The Pakistani rupee continued to strengthen 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 appreciated by 38 paisa (0.25 per cent) to close at Rs155.01 against the greenback as compared to yesterday’s closing of Rs155.39.
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.
Earlier today, 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 programme after it remained derailed for over a year due to the pandemic.
