Pakistani Rupee made a giant leap against the US Dollar, gaining 98 paisas (+0.63pc) in the interbank on Wednesday.
According to the State Bank of Pakistan, the USD opened at Rs156.72 and closed at Rs155.74 on Wednesday. This has been the highest level the local currency has witnessed against the greenback since March 6, 2020.
Rupee has gained Rs1.40 against the greenback in the last three days, while it has gained Rs3.34 against the dollar since February 19. Within the open market, rupee was traded at 155.80/156.50 per dollar.
As per currency dealers, PKR continued with its recovery during the day despite a high demand for foreign currency. They said that the sentiments remained positive due to improved inflows of export receipts and workers’ remittances during the first eight months of the current fiscal year.
Meanwhile, the foreign exchange reserves held by the country stood at $20.16 billion by week ended March 5, 2021, SBP said. The reserves held by the central bank stood at $13,016.10 million, while reserves held by commercial banks clocked in at $7,141.80 million.