Rupee recovers Rs1.1 against dollar as economy reopens

Pakistani rupee recovered Rs1.1 against the US dollar in the inter-bank market on Monday and closed at Rs161.23 primarily due to the reopening of the country’s economy according to its actual potential after Eid break and resumption of the inflow of remittances and export earnings.

According to the State Bank of Pakistan (SBP), the local currency had closed at Rs162.32 against the greenback on Friday.

Speaking to The Express Tribune, Forex Association of Pakistan President Malik Bostan said that the rupee had depreciated excessively over the past few days, hence, a correction was expected and it was taking place.

“Proceeds of the Eurobond issue coupled with receipt of financial assistance from international lenders including the World Bank are supporting rupee’s recovery,” he said. “The uptrend in exports and remittances is jointly lending support to the local currency.”