Rupee recovers 33 paisas against dollar

KARACHI: The rupee recovered 33 paisas against the dollar on Friday amid reports of debt rescheduling agreements signed by Pakistan.

The exchange rate ended Rs177.50 to the dollar from the previous day’s closing of Rs177.83 in the interbank foreign exchange market. The rupee made a recovery after declining for three straight days.

Pakistan, a day earlier, signed agreements with the Saudi Fund for Development (SDF) for debt service suspension amounting $846 million. The agreements have been signed under the G-20 Debt Service Suspension Initiative (DSSI) Framework.

The dealers said that recent export numbers had also provided support to the rupee value. The exports in February 2022 jumped 36 per cent to $2.8 billion, compared with $2.07 billion in the same period last year.

They however said that the rising international oil prices were still a threat to the rupee stability. The rupee witnessed sharp decline since the start of the Russia-Ukraine war, which resulted in a massive jump in the international oil prices.

The benchmark Brent crude topped at $120 per barrel a day earlier, but reversed to $111 per barrel the same day. The oil prices on Friday recorded a jump to above $114 per barrel on further escalation in the ongoing war.

The local unit recorded a decline of Rs19.96, or 12.65 per cent, from Rs157.54 on June 30, 2021 to the present level of Rs177.50. The rupee recorded the all time low at Rs178.24 to the dollar on December 29, 2021.

At the open market, the buying and selling of the dollar was recorded at Rs177.6 and Rs179.1 at 5:30pm PST.