KARACHI: In the interbank currency market, the Pakistani rupee concluded the year 2021 with a significant recovery versus the US dollar. Rupee gets a significant sharp recovery at the end of the year.
According to data provided by the State Bank of Pakistan, the Pakistani rupee completed the day at Rs176.51 against the US dollar (SBP).
When compared to the previous close of Rs177.51, the currency gained one rupee. The Pakistani rupee gained Rs0.73 against the dollar the other day, ending at Rs177.51.
In the preceding year, the local unit fell by over 12%.
Rupee gets a significant sharp recovery at the end of the year.
Finance Minister Shaukat Tarin stated on Thursday that the US dollar was overvalued because of the situation in Afghanistan and that the exchange rate should be between Rs165 and Rs170.
He hoped that the artificial increase in the value of American money would be contained.
The Pakistani rupee is the official currency of Pakistan since 1948. The coins and notes are issued and controlled by the central bank, namely the State Bank of Pakistan. In Pakistani English, large values of rupees are counted in thousands; lakh; crore; arab; kharab.
The word rūpiya is derived from the Sanskrit word rūpya, which means “wrought silver, a coin of silver”, in origin an adjective meaning “shapely”, with a more specific meaning of “stamped, impressed”, whence “coin”.
