Rupee recovers 16 paisas against dollar

KARACHI: The rupee recovered 16 paisas against the dollar on Friday, owing to improvement in the foreign exchange reserves of the country after transfers of external debt from China and the World Bank, dealers said.

The exchange rate closed at Rs159.17 against the greenback from the previous day’s closing of Rs159.33 in the interbank foreign exchange market.

The currency dealers said the sentiments were positive during the day, as the country received around $1.44 billion as debt from China and the World Bank, which helped in significant increase in the foreign exchange reserves of the country.

According to the State Bank of Pakistan (SBP), the liquid foreign exchange reserves of the country rose to a record high of $24.415 billion by the week ended July 2, 2021.

The rise was attributed to the inflows of $1 billion as loan disbursement from China and $440 million from the World Bank. The rupee made gains for the first time since July 1, 2021.

The currency dealers said the market witnessed dollar demand for import payments but the same was offset by the better supply of the dollar during the day.

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