Rupee surges by Rs2.81 against US dollar in four days

KARACHI: The Pakistani rupee gained further ground during today’s trading session and settled 61 paisa higher at Rs165.62 against the United States (US) dollar in the interbank market on Tuesday.

According to foreign currency dealers, the greenback finished at  Rs165.62 against the local currency.

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They said the dollar has cumulatively depreciated by Rs2.81 against the rupee since Thursday after reaching its all-time high of Rs168.43. The drop in the greenback’s value will help ease the burden on debt payments by up to Rs305 billion.

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On Aug 29, the Minister of Finance had said that the debt burden on the economy has soared to 87.2 per cent, terming the rise mainly due to the impact of coronavirus on the economy.

A spokesman for the ministry said that the debt burden on the economy stood at 86.1 percent in June 2019 and witnessed an improvement of two percent by December 2019 to reach 84 percent. The coronavirus impacted the economy, he said after the debt witnessed a three percent increase from December 2019 to June 2020.