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Pak rupee gains 14 paisas against USD on last day of FY

Pak rupee gains 14 paisas against USD on last day of FY

KARACHI: The Pak Rupee gained 14 paisas against dollar on the last date of fiscal year 2019/2020 owing to transfer of loan amount from Chinese bank.

The rupee ended Rs168.05 to the dollar from previous day’s closing of Rs168.19 in interbank foreign exchange market.

The State Bank of Pakistan (SBP) has received $1.3 billion as government of Pakistan loan disbursements from Chinese Banks this week.

This brings the total amount of official inflows received since June 23, 2020 to around $3 billion.

Experts said that the transfers would also help the central bank to improve foreign exchange reserves.