Rupee remains stable against dollar

KARACHI: The rupee remained stable against the US dollar on Tuesday, as there were sufficient remittances and export receipts to offside higher demand for the import and corporate payments, dealers said.

The exchange rate ended at Rs156.18 against the dollar from the last day’s closing of Rs156.19 in the interbank foreign exchange market.

The dealers said there was usually high dollar demand on the first day of the week; however, the pressure eases given sufficient inflows.

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The demand for the foreign currency was also high because the importers had placed orders to their foreign sellers after the announcement of the Federal Budget 2021/22.

The dealers; however, expressed the hope that the local currency would make gains in the coming days, owing to the significant inflows of workers’ remittances and export receipts.

They also said the rupee would get support from the increase in the foreign exchange reserves of the country.

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