Pakistan rupee appreciated against the US dollar in the interbank for the second straight day on Wednesday and recovered another 20 paisas (+0.13 percent). According to the State Bank of Pakistan, the US dollar opened at Rs157.74 and closed at Rs157.54. Within the open market, the US dollar was traded at Rs158/158.50. Overall, Pakistani rupee gained 8 paisas against the US dollar during the last three days. However, the local unit has gained Rs10.50 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs2.60 in 2021. Meanwhile, rupee’s Real Effective Exchange Rate Index (REER) decreased by 0.63 percent in May 2021 to a provisional value of 102.30 from the revised value of 102.95 in April 2021, showing an increase in trade competitiveness. According to the data released by the State Bank of Pakistan (SBP), the REER index has increased by 5.25 percent compared to May 2020. Similarly the Nominal Effective Exchange Rate Index (NEER) decreased by 0.83 percent in May to a provisional value of 61.24 from the revised value of 61.75 in April. On a yearly basis, the NEER Index has decreased by 2.05 percent.