Rupee surges against US dollar in interbank market

Business Report

KARACHI: The Pakistani rupee appreciated by Rs0.07 paisa against the US dollar in the intraday trading on Monday.

According to forex dealers, the greenback currently trading at Rs168.35 against the domestic currency at the interbank foreign exchange market.

Meanwhile, the dollar steadied against major currencies on Monday as traders looked to more data for a gauge on the health of the global economy.

Against the euro the dollar held steady at $1.1795, clinging onto gains made late last week.

The British pound bought $1.3092 and traded at 90.11 pence per euro EURGBP=D3.

Earlier in the day, the State Bank of Pakistan (SBP) in a Twitter statement confirmed Pakistan’s current account balance swung into a surplus of $424 million in July 2020 after posting a deficit of $100 million in June.

“This is the fourth monthly surplus since last October, and a significant improvement on the deficit of $613 mn in the same month last year,” the central bank said, adding: “strong turnaround is due to a continued recovery in exports and record-high remittances, with support from several policy and administrative initiatives by SBP and government. Exports sustained strong recovery, with m/m growth of further 19.7% in July on top of 25.5% in June.”