US dollar falls below Rs154 against rupee

According to foreign currency dealers, the local unit appreciated 74 paisas to 153.30 against the greenback, hitting a 21-month high and trading at levels last seen in June 2019.

A day prior, the rupee had closed at 154.04 against the US dollar.

Having gained Rs. 05 or 3.27 percent against the dollar in March alone, the rupee is currently at a 22-month high.

The rupee has recovered more than Rs. 14 during the last seven months since it touched an all-time low of Rs. 168.43 in August 2020.

It is pertinent to mention that during the current financial year, the exchange rate fluctuated sharply and in August 2020 (FY 21), the rupee depreciated to its lowest level against the dollar, reaching Rs168.70 on August 20 last year.

The rupee then began to recover and has improved significantly against the US dollar over the past four months.

The rupee had traded at Rs 161.13 on January 16 this year, gaining Rs2.32 per dollar or 1.4 per cent. On February 12, the dollar traded at Rs158.81 in the interbank market, the lowest level in three months.

It should also be noted that the depreciation of the dollar and the appreciation of the rupee came at a time when the International Monetary Fund (IMF) delayed its program for Pakistan for more than a year.