Rupee appreciates 1.8pc against dollar

LAHORE: The rupee has appreciated against the dollar, gaining some Rs2.73 since the last Wednesday to stand at Rs165.4.

The trend represented a 1.8 per cent decrease in the value of the dollar in the last four sessions.

The decrease in the value of the dollar will ease off the country’s external liabilities by about Rs300 billion, an expert said.

According to a KASB Securities managing director, the currency gained because of higher remittances from formal channels. The remittance is the backbone of the economy, clocking in at $20 billion in FY-19.

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The dollar outflow was reduced after Saudi Arabia restricted travel for Hajj pilgrimage to contain the spread of the Covid-19 pandemic, he added.

The State Bank of Pakistan (SBP) data shows that the country’s dollar reserves rose to $19.7 billion last week, the highest since January 2018.

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