Rupee ends losing streak, recovers 85 paisas against dollar

KARACHI: The rupee recovered 85 paisas against the dollar on Thursday, breaking the five-day losing streak, dealers said.

The exchange rate ended at Rs157.68 against the dollar from the previous day’s closing of Rs158.53 in the interbank foreign exchange market.

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The currency dealers said the market had witnessed a sufficient supply of foreign currency in the shape of export receipts and workers’ remittances. The central bank intervention was also seen that helped the local currency recover.

The market also witnessed the demand for foreign currency for import and corporate payments. However, inflows were sufficient to meet the payment demand, they added.

The dealers said the demand for import and corporate payments might put pressure on the local currency in the coming days due to the close of the financial year by June 30, 2021.