Saturday Feb 27, 2021
KARACHI: The buying rate of the US dollar was Rs157.9, while its selling rate was Rs158.5 on Friday, February 26 in the open market.
Pakistani rupee hit more than three-month high of 158.1 against the US dollar in the interbank trade on Friday as recent bouts of foreign inflows strengthened the local currency, reported The News.
The level was not seen since November 13 last year. The rupee value, however, went slightly up 0.2% compared to the Thursday’s close of 158.46 per dollar.
Analysts said the rupee appreciation is a logical outcome of foreign inflows in shape of remittances and loans.
“Today, supplies were higher than the demand. Moreover, persistent inflows in Roshan digital accounts propped up the rupee’s value against the dollar,” said a foreign exchange dealer at a commercial bank.
“Expectations of more dollar inflows in Roshan digital accounts, and the expected release of around $500 million from the IMF [International Monetary Fund] after the completion of the pending reviews under the extended fund facility supported sentiment for the rupee,” added the dealer.
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