Pakistani rupee slightly increases against strong USD

Islamabad, Nov 5

The Pakistani rupee (PKR) has recorded a slight recovery despite the constant strengthening of the US dollar against other currencies as the greenback was traded at 221.92 PKR in the interbank market, according to official data.

The data published on Friday by the State Bank of Pakistan also revealed that the US dollar closed at 221.95 PKR on Thursday, and on the last working day the local currency appreciated by 0.03 PKR, or about 0.01 per cent, against the US dollar, reports Xinhua news agency.

According to market analysts, strict monitoring of the government authorities led to the stability of the local currency.

Additionally, the analysts attributed the rupee's gain to the increase in the country's foreign exchange reserves following the receipt of $1.5 billion from the Asian Development Bank in financing to help the South Asian country in its rehabilitation efforts amid the devastating monsoon floods.