Rupee weakens against US dollar

KARACHI: The Pakistani rupee depreciated 32 paisas against the United States (US) dollar at the start of week’s trading in the interbank market on Monday.

According to the State Bank of Pakistan (SBP), the local unit closed at Rs152.62 against the greenback, registering depreciation of 32 paisas over the previous close of Rs152.28.

On May 6, the rupee closed at Rs152.28 against the greenback, showing appreciation of 32 paisas (0.21%).

The rupee has recovered more than Rs15 during the last seven months since it touched an all-time low of Rs168.43 last year in August.

The local unit has gained considerable ground on the back of improved foreign exchange reserves, current account surplus, foreign loan receipts, higher remittances besides less demand of dollar due to the ongoing pandemic.