Rupee recovers 48 paisas against dollar

KARACHI: The rupee recovered 48 paisas against the dollar on Tuesday, owing to inflows of foreign receipts, dealers said.

The exchange rate ended at Rs157.74 against the greenback, compared with the previous day’s closing of Rs158.22 in the interbank foreign exchange market.

The dealers said the market witnessed sufficient supply of the dollars during the day that helped meet the demand for import and corporate payments.

On Monday, the rupee fell 60 paisas against the dollar, as the market opened after two weekly holidays. However, it recovered on inflows of export receipts and workers remittances.

The dealers said by the end of the fiscal year, the demand for import and corporate payments are usually on the higher side.

The exchange rate was at Rs168.05 against the dollar by the end of the last fiscal year on June 30, 2020.