Rupee makes gain 16 paisas against dollar

Rupee makes gain 16 paisas against dollar

KARACHI: The Pak Rupee made a gain of 16 paisas against the dollar on Friday as inflows helped to meet demand for import payments.

The rupee closed at Rs159.17 to the dollar from the previous day’s closing of Rs159.33 in the interbank foreign exchange market.

Currency experts said that a substantial increase in foreign exchange reserves reported by the State Bank of Pakistan (SBP) a day earlier helped the local currency to make gain during the day.

A day earlier the SBP reported that the foreign exchange reserves of the country increased to $24.415 billion by the week ended July 02, 2021. The foreign exchange reserves increased due to inflows of $1 billion as loan disbursement from China and $440 million from the World Bank.