Daily Times

Pakistani rupee was weakened by another 29 paisas (-0.19 percent) against the US dollar in the interbank on Tuesday. According to the State Bank of Pakistan, the US dollar opened at Rs152.60 and closed at Rs152.89. The local currency has shed Rs0.61 against the greenback during the last two days. Within the open market, rupee was traded at 152.80/153.80 per dollar. The local unit has gained Rs15.17 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs6.95 in 2021. Currency experts said that the demand for the dollar was seen from importers and corporate buyers after the Eid holidays. Furthermore, the acceleration in the economy also increased demand for imported raw and finished goods, they added. They said that the local unit might recover the losses in coming days due to significant rise in workers’ remittances and export receipts. Meanwhile, the foreign exchange reserves held by the country stood at $22,910.3 million by the week ended May 07, 2021, State Bank of Pakistan (SBP) said on Monday. The reserves held by the central bank stand at $15,774.5 million while reserves held by commercial banks stand at $7,135.80 million.