Rupee recovers 9 paisas against dollar

KARACHI: The rupee recovered nine paisas against the US dollar on Wednesday, owing to the supply of dollars in the shape of export receipts and workers’ remittances, dealers said.

The exchange rate ended at Rs155.69 against the dollar, compared with the previous day’s closing of Rs155.78 in the interbank foreign exchange market.

The dealers said the market witnessed pressure earlier in the day for import and corporate payments. Later, the market witnessed a sufficient supply of the greenback from inflows of export receipts and workers’ remittances.

The local currency recorded a depreciation of Rs1.16 against the dollar during the first two days of the current week.

The rupee would gain value in the coming days on the back of encouraging inflows. However, they said the demand for import payments after the budget announcement scheduled for June 11, 2021, and fiscal yearend corporate payments could impact the rupee value, the dealers added.

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