Rupee gains 19 paisas against dollar

KARACHI: The rupee appreciated 19 paisas against the dollar on Friday, despite higher demand for the foreign currency on the last trading day of the week.

The exchange rate ended at Rs165.62 against the dollar, compared with last day’s closing of Rs165.81 in the interbank foreign exchange market.

The currency dealers said the commercial banks had received sufficient supply of the dollars in the shape of export receipts and workers’ remittances.

The dollar demand remained high for import payments, especially on the last trading day. But the dollar supply eased the pressure on the local currency, they added.

The dealers said the current account deficit remained a major concern for the rupee stability. The country posted a $773 million current account deficit in July 2021, compared with a $583 million current account surplus in the same month of the last year.

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