Weekly roundup: Rupee extends upward trend against US dollar

money

KARACHI: The Pakistani rupee strengthen by 12 paisas against the United States (US) dollar in the interbank currency market on a week-on-week basis. According to a weekly report, the domestic currency finished at Rs152.82 against the greenback in the interbank market on Friday, registering an appreciation of 12 paisas over previous close of 152.94.

In the open market, however, the rupee appreciated 30 paisas to 153 against the US dollar. The local unit has recovered more than Rs15 during the last seven months since it touched an all-time low of Rs168.43 last year in August. It gained considerable ground on the back of improved foreign exchange reserves, current account surplus, foreign loan receipts, higher remittances besides less demand of dollar due to the ongoing pandemic.

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