Rupee recovers 22 paisas against dollar

KARACHI: The rupee recovered 22 paisas against the US dollar on Thursday after the money market saw a sufficient supply of the foreign currency, dealers said.

The exchange rate ended at Rs156.74 against the dollar from the previous day’s closing of Rs156.96 in the interbank foreign exchange market.

The dealers said the rupee made gains, as the market received inflows of remittances and export receipts. It witnessed a continuous decline during June 11, 2021, and June 16, 2021, owing to the demand for import and corporate payments.

The demand for the import and corporate payments is usually high in June due to the fiscal year-end, they said, adding that; however, the rupee still had support from inflows of workers’ remittances and export receipts.