Pakistani rupee appreciates, closes at Rs161.73/US$

ISLAMABAD: The Pakistani rupee appreciated against the US Dollar, closing at Rs161.73/US$.

The price of the dollar is likely to depreciate more, as a result of an increase in remittances and a drop in imports.

For the first time in almost five months, the dollar dropped to a value Rs161.37/US$.

The appreciation of the rupee comes a day after the SBP announced a record surplus worth Rs79 792 million, in the current account in the first quarter of the fiscal year (July-Sep FY21).

Currently, the foreign exchange reserves held by the central bank have surged to $12.066 billion, whereas the foreign exchange held by the commercial banks’ amounts to $7.235 billion, reported the State Bank of Pakistan (SBP).

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