Dollar slips to Rs157.13 as rupee continues recovery

Pakistani Rupee appreciated by 72 paisas (+0.46pc) against the US Dollar on Wednesday, making it the eighth straight session of gains against the greenback.

According to the State Bank of Pakistan, dollar opened at Rs157.85 and closed at Rs157.13 on Wednesday. The greenback has fallen to its lowest level witnessed in the last 12 months.

The rupee traded within a range of 60 paisa per USD, showing an intraday high bid of 157.55 and an intraday low offer of 157.05. Within the open market, rupee was traded at 157.20/157.80 per dollar.

The rupee has gained Re1 against the greenback during the last week. The exchange rate was at Rs159.10 on February 19, 2021.

Currency experts said that the growth in export receipts and inflows of workers remittance helped the rupee to register gains.

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