US dollar drops against PKR

According to the data released by the State Bank of Pakistan (SBP), the conversation rate turned down by 26 paisas in the interbank market and closing at Rs153.62 against the Rs153.88 the other day.

Interbank closing #ExchangeRate for today:https://t.co/lYiG2rVzyF pic.twitter.com/l6aE238TQq

— SBP (@StateBank_Pak) April 29, 2021

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

It may be recalled 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 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.

It is important to mention that the Pakistani Rupee appreciates when fewer rupees are required to get one USD whereas PKR depreciates when more rupees are required to get one greenback.

On Thursday the prices of other currencies including the euro, pound, riyal, dirham: