Karachi: The US dollar exchange rate against the Pakistani rupee further dropped on the last day of the business week—Friday.

According to the State Bank of Pakistan, in the interbank market, the value of the Pakistani rupee against the US dollar gaining 8 paisas increased by 0.05% to Rs152.94 against the last closing of Rs153.02— falling below a 22-month low level of Rs154.
Interbank closing #ExchangeRate for today:https://t.co/9Z1kdF9raq pic.twitter.com/731pfuLvNA
— SBP (@StateBank_Pak) April 9, 2021
Forex dealers said that in the interbank US dollar also fell by 17 paisas, after which the dollar closed at Rs152.85.
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 government's efforts have begun to bear fruit, with the country's economy improving and the current account deficit narrowing, the rupee strengthening against the dollar has pushed the US dollar back to a 22-month low.
Forex dealers said the continuous depreciation of the US dollar despite the coronavirus epidemic is a signal of the country's improving economy and reducing the current account deficit.
At the same time, economists attribute the strengthening of the Pakistani rupee to an increase of $2.5 billion in the country's foreign exchange reserves.
It is to be noted that Pakistan received $2.5 billion in Eurobonds after which the country's foreign exchange reserves reached a three-year high point.
According to economists, with the increase in remittances and exports, the rupee has appreciated against the dollar in Roshan Digital Accounts.
Earlier, the SBP governor told the Prime Minister that remittances through Roshan Digital Account could cross the $80 million level.
It is important to mention that the Pakistani Rupee appreciates when a lesser amount of rupees is required to get one USD whereas PKR depreciates when more rupees are required to get one greenback.

Musk makes grand promises about Grok 4 in the wake of a Nazi chatbot meltdown
- 4 hours ago

Netflix keeps Squid Game going with more of its reality show
- 4 hours ago

DOJ paves the way for a legal war on fact-checking
- 4 hours ago
Three killed, several wounded in passenger coach attack in Balochistan's Kalat district
- 14 hours ago

Bitcoin loses 3.6pc after hitting record-high level
- 12 hours ago

Year 2 player spotlight: Maye, Harrison, Odunze among popular breakouts
- 3 hours ago

Punjab: 28 killed, 90 injured in rains in past 24 hours, says rescuer official
- 13 hours ago

Will we ever know why Bryan Kohberger murdered the Idaho Four?
- 2 hours ago

The lie at the heart of Trump’s entire economic agenda
- 2 hours ago

Buzz: Hansen impresses, Wemby returns and storylines to watch
- 3 hours ago

Utility Stores to halt operations countrywide by July 31
- 12 hours ago

The smartphone-sized Boox Palma 2 is cheaper than ever for Prime Day
- 4 hours ago