With a fresh gain of Rs0.55 on Monday, rupee has recovered 8.54% or Rs14.39 during the past seven months to date. PHOTO: FILEPakistani rupee touched 22-month high at Rs154.04 against the US dollar in the inter-bank market on Monday, as exporters continued to sell the foreign currency in panic ahead of an expected spike in workers’ remittance inflows around the holy month of Ramazan starting mid-April. The situation where the currency supplies remain high compared to its demand kept strengthening rupee. The rupee had breached through Rs154 during the day and hit intra-day trade high of Rs153.93 on Monday, he added. “The low foreign expenditures on travelling also supported the rupee to grow stronger compared to the US dollar,” he said.

Source: The Express Tribune March 30, 2021 03:33 UTC