*KARACHI: *
The rupee appreciated Rs0.25 against the US dollar in the inter-bank marketon Friday and closed at a three-month high of Rs158.82.
According to the State Bank of Pakistan, the rupee had closed at Rs159.07against the greenback on Thursday.
Cumulatively, since February 1, 2021, the rupee has gained Rs1.4 or 0.88%.Speaking to The Express Tribune, Forex Association of Pakistan PresidentMalik Bostan said the dollar had dropped to a level last seen in November2020.
“Increase in oil and gas imports by Pakistan since November 2020 to meetfuel needs of citizens and industrialists during winter built pressure onthe rupee. As a result, it depreciated in December 2020 and January 2021,”he said.
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“Now that the winter season is approaching its end, fuel imports haveshrunk and the rupee is recouping losses.”
In addition, Pakistan’s exports and inflow of remittances have remainedstrong over the past few months and the improvement in these two economicindicators is leading to strengthening of the rupee.
