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Rupee gains 15 paisas against dollar

Rupee gains 15 paisas against dollar

Rupee gains 15 paisas against dollar

Image Courtesy: File

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KARACHI: The rupee gained 15 paisas against the dollar on Monday, as holiday in the US markets lowered the foreign currency demand in the domestic market, dealers said.

The interbank foreign exchange market ended at Rs175.92 against the dollar from last Friday’s closing of Rs176.07.

The dealers said the US markets were observing the holiday on account of Martin Luther King Junior Day. The local market observed advance trading during the day.

The dealers said the local unit also appreciated, owing to the measures taken by the State Bank of Pakistan (SBP) regarding restrictions on realising of export receipts.

On January 5, 2022, the SBP directed the exporters to realise their export receipts within 120 days from the date of shipment instead of 150 days.

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Further, the implementation of import restrictions through the mini-budget resulted in the rupee appreciation. The government on December 30, 2021 introduced the bill to meet one of the conditions of the International Monetary Fund (IMF) for approval of the next tranche of over $1 billion. Following the passage of the bill by the National Assembly on January 13, 2022, the president also granted ascent to the bill to make it effective.

The rupee was under pressure since the start of the current fiscal year due to higher external payments. The local unit recorded an increase of Rs18.38, or 11.66 per cent, from the closing of June 30, 2021 at Rs157.54 against the dollar to current level of Rs175.92.

The rupee recorded the lowest level against the dollar at Rs178.24 on December 29, 2021.

Meanwhile, in the open market, the buying and selling of the dollar was recorded at Rs177.60/Rs177.20 at 3:30pm PST.

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