According to the State Bank of Pakistan (SBP), the rupee rose to an annual high of 155.74 rupees against the US dollar on March 17,2021, compared to Monday’s end of 156.99 rupees.
The dollar was traded at 156.58 rupees on March 9, 2021. The local currency has gradually moved up as a result of improved foreign exchange reserves, higher money transfers and balance of payments surpluses against the greenback.
The dollar is down more than 7 percent against the rupee after reaching a full-time high of Rs 168.43 in August 2020.
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The SBP had previously devalued the rupee in the interbank market following an agreement with the International Monetary Fund (IMF) on a loan program on May 12, 2019.
The IMF has asked Pakistan to end state control of the rupee and to allow the currency to move freely to find its balance against the US dollar and other major world currencies.