Pakistani rupee continued its upward trend against the dollar in the interbank currency market on Tuesday.
The rupee closed below the level of Rs. 161 against the US Dollar today. The exchange rate of the Pakistani Rupee strengthened by 14 paisas against the US Dollar in the interbank market on Tuesday, ending at Rs. 160.91 compared with the previous closing at 161.05.
This level was last seen on 21st May 2020 at 160.9217. The local currency continued its appreciation for the ninth straight session in the interbank market.
The local currency remained stable due to the smooth supply of the US Dollars in the market, amid strong inflows from remittances and international financial institutions.
A flat dollar demand was seen on the importers and the corporate side. The improvement in the real effective exchange rate (REER) also helped the rupee gain against the greenback. Not only the debt burden of the country will ease off, but Pakistan’s import bill could be controlled, which will cause a reduction in imported products and services.
Dealers are expecting that rupee will appreciate to 155-160/USD in the coming days.