Business
Rupee increases against US dollar
KARACHI: The buying rate of the US dollar on Sunday was Rs158.5, while selling rate settled at Rs159.2, according to Forex Association of Pakistan.
Pakistan's currency market remained closed today.
In coming days, Pakistani rupee is expected to strengthen slightly against the greenback. The change will mainly be due to increased inflows from remittances under Roshan Digital Account (RDA) and investments coming into bonds. Pakistan has received more than $480 million from overseas Pakistanis through RDA in five months.
As market closed on Friday, Rupee breached the Rs159 level, closing higher at 158.82 against the dollar. Overall during the week rupee appreciated 0.46%.
While, the central bank’s foreign exchange reserves declined by $82 million to $12.949 billion on weekly basis. The current account showed a deficit of $622 million in December 2020.