Rupee gains 38 paisas against dollar

KARACHI: The rupee recovered 38 paisas against the dollar on Wednesday, owing to the receivables of the Eurobond proceeds that impacted the market sentiments, dealers said.

The exchange rate ended at Rs159.13 against the dollar from the previous day’s closing of Rs159.51 in the interbank foreign exchange market.

The currency dealers said the foreign inflows in the shape of the Eurobond auction helped the local currency make gains.

The State Bank of Pakistan (SBP) on Wednesday announced to receive $1 billion against the issuance of the Eurobond issued by the government.

The dealers said the foreign currency demand was still high for import payments. They; however, said the inflows of workers’ remittances and export receipts would help the local unit make gains.

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