Pakistan rupee appreciated by 48 paisas (+0.30 percent) against the US dollar in the interbank on Tuesday after shedding 60 paisas against the greenback a day earlier. According to the State Bank of Pakistan, the US dollar opened at Rs158.22 and closed at Rs157.74. Within the open market, the US dollar was traded at Rs158/158.70. Overall, Pakistani rupee shed 12 paisas against the US dollar during the last two days. However, the local unit has gained Rs10.30 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs2.10 in 2021. The currency experts said that the local currency appreciated in the backdrop of the agreement signed between Pakistan and the International Islamic Trade Finance Corporation (ITFC), amounting to $4.5 billion for importing crude oil, refined petroleum products, LNG and urea, a day earlier. They said the agreement will support the rupee against the greenback. They said that rupee came under pressure after the Financial Action Task Force (FATF) decided to retain Pakistan on its grey list. However, the focus will now tilt towards Eid remittances, they further said, adding the exporters should book profit and bring the dollars back to the country.
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