During the trading session, the US dollar value fell below Rs 155 in the interbank market and sold at Rs 154.98 / 155.02 at 11:45 am Pakistan time.
According to Mets Global, the interbank dollar trade was reported at Rs 155.
The rupee appreciated by about 40 paise against the previous day’s price of Rs 155.39.
Note that this is the first time since March 6, 2020, that the dollar has fallen below the level of Rs 155.
It may be recalled that during the current financial year, the exchange rate fluctuated sharply and in August 2020 (FY 21), the rupee depreciated to its lowest level against the dollar, reaching Rs 168.70 on August 20 last year.
The rupee then began to recover and has improved significantly against the US dollar over the past four months.
The rupee had traded at Rs 161.13 on January 16 this year, gaining Rs 2.32 per dollar or 1.4 per cent. On February 12, the dollar traded at Rs 158.81 in the interbank market, the lowest level in three months.
It should also be noted that the depreciation of the dollar and the appreciation of the rupee came at a time when the International Monetary Fund (IMF) yesterday restored its program for Pakistan after delaying it for more than a year.
The IMF board has approved the third tranche of a 500 million program for Pakistan.