Rupee hits one-year high against dollar

The rupee soared to one-year high against the US dollar at Rs156.72 in the interbank market on Tuesday compared with Monday’s close of Rs156.99, according to the State Bank of Pakistan (SBP).

The dollar was traded at Rs156.58 on March 9, 2020.

The local currency has been recovering gradually against the greenback on account of improved foreign exchange reserves, higher remittances and current account surplus.

The dollar has lost over 7pc against the rupee after hitting an all-time high of Rs168.43 in August 2020.

Earlier, the SBP let the rupee depreciate massively in the inter-bank market after the finalisation of an agreement with the International Monetary Fund (IMF) for a loan programme on May 12, 2019.

The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar and other major world currencies.

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