Rupee recovers 11 paisas against dollar

KARACHI: The rupee recovered 11 paisas against the dollar on Tuesday, despite import payments demand ahead of the two public holidays, dealers said.

The exchange rate ended at Rs164.08 against the dollar from the previous day’s closing of Rs164.19 in the interbank foreign exchange market.

The dealers said the market witnessed supply of the dollar during the day that helped the rupee recover.

They said the demand for the dollar was also high due to import payments demand, especially ahead of two public holidays.

The government has announced public holidays on August 18 to 19, 2021 on the occasion of Ashura.

The local currency remained under pressure during the current fiscal year, as it had lost value around Rs6.54 against the dollar since July 1, 2021.

The rupee hit an all-time low of Rs168.43 on August 26, 2020.

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