Rupee strengthens by 37 paisas on improved sentiments

KARACHI: The Pak Rupee strengthened by 37 paisas against dollar on Friday owing to improved economic indicators and positive sentiments.

The rupee ended Rs162.49 to the dollar from previous day’s closing of Rs162.86 in interbank foreign exchange market.

Currency experts said that latest exchange rates showed the dollar weakened by five month low.

They said that the since August 2020 the dollar weakened by Rs5.57. The greenback reached to the highest point of Rs168.43 on August 27, 2020.

They said that the fall in dollar value to ease in pressure on debt repayments of Rs575 billion.

Workers’ remittances remained above $2 billion for the fourth consecutive month in September.

They increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August, the State Bank of Pakistan (SBP) recently said.

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