Rupee up against US dollar

According to the data released by the State Bank of Pakistan, the dollar has depreciated by 4 paisas in the interbank market. According to Forex dealers, the dollar fell from Rs157.16 to close at Rs157.12 on the interbank market.

Interbank closing #ExchangeRate for today: https://t.co/y5jFuwWtnp pic.twitter.com/Udpq7DwHJD

— SBP (@StateBank_Pak) March 5, 2021

Whereas in open market, the buying rate of the US dollar was Rs157.1, while its selling rate was Rs157.9 on Friday.

Dealers said the local unit reversed some of the gains it made in the previous session, as political uncertainty outweighed the impact of positive developments on the economic front.

Moreover, an increase in the trade deficit also hurt the sentiment. Pakistan’s trade deficit widened 24% year-on-year to $2.52 billion in February due to higher imports and a decline in exports.