KARACHI: Pakistan rupee snapped the losing streak against the US dollar on Monday and recovered Rs1.09 (+0.68 percent) in the interbank. According to the State Bank of Pakistan, the US dollar opened at Rs162.32 and closed at Rs161.23. Within the open market, the rupee was traded at Rs162.30/162.80 per dollar. The sharp recovery can be attributed to significant increase in foreign exchange reserves. The foreign exchange reserves of the country reached $25.128 billion after transfer of $1.04 billion against the proceeds of Eurobond, according to the State Bank of Pakistan (SBP), which helped the local currency to make gains against the US dollar Currency experts said that concerns over lockdowns in different parts of the world as well as the country for preventing the coronavirus spread also helped the rupee make gains against the dollar. Pakistani rupee shed Rs2.38 against the US dollar during the last week, while depreciation during the fiscal year 2021-22 has been Rs3.87. The local unit has shed Rs1.14 against the US dollar in the current year 2021. TLTP
