Despite Covid impact, rupee stays strong vs dollar
Pakistani currency strengthened 6.2% to stand at 157.54 at end of FY21
PHOTO: FILE
KARACHI:
Pakistani rupee showed strong resistance against the US dollar during fiscal year 2020-21 despite serious repercussions of Covid-19 for the national economy.
The local currency appreciated by 6.2% against the greenback between July 1, 2020 and June 30, 2021.
On Wednesday - the last day of the fiscal year - the rupee traded at Rs157.54 to a dollar compared to Rs168.05 on June 30, 2020, translating into its strengthening by Rs10.51.
During FY21, the government introduced strict rules to curb money laundering and its efforts yielded positive results as dollar smuggling shrank, leading to an increase in inflows through legal channels.