The rupee recovered Rs0.45 against the US dollar and closed at a fivemonth high of Rs161.37 in the inter-bank market on Friday. According to the State Bank of Pakistan, the local currency had closed at Rs161.82 on Thursday. "Earlier, Pakistan was due to repay debt in December 2020 but G20 delayed it to June 2021, which provided a much-needed breathing space to the country and helped strengthen the rupee," he said while talking to The Express Tribune. However, expatriate Pakistanis still lacked awareness of the procedure for opening the account, hence, the investment was way below mark, he lamented. Once the government raises awareness regarding the scheme, the country will be able to attract the targeted investment of $3-4 billion and the rupee will recover sharply.

Source: The Express Tribune October 24, 2020 03:45 UTC