Pakistani rupee further appreciates against dollar

KARACHI: The Pakistani rupee further strengthened against the US dollar on Tuesday.

The State Bank of Pakistan (SBP) on Tuesday reported that the rupee gained 9 paisa against the dollar in the interbank market, closing at Rs279.55 at end of the business day.

The dollar closed at Rs279.64 on January 29, showing an appreciation of 0.03 per cent in a single day.

The local currency gained 8 paisa in value against the dollar on January 19 closing at Rs279.90 at the interbank market.

One of biggest factors in rupee’s gain is due to continued inflow of foreign exchange from international money lenders.

Earlier today, the SBP announced issuing new banknotes for all existing denominations. This is usually by most governments every 15 to 20 years to ensure authenticity  of banknotes and update them to latest technology.