Rupee recovers 47 paisas against dollar
KARACHI: After touching an 11-month high of Rs166.28 a day ago, the rupee recovered 47 paisas against the dollar on Thursday, owing to inflows of remittances and export receipts.
The exchange rate ended at Rs165.81 against the dollar in the interbank foreign exchange market.
The dollar continued to make gains in early day trading and the exchange rate went up to Rs166.40 against the greenback but later, the market witnessed supply of the greenback, which helped the rupee recover.
The currency experts said the external payments pressure would continue to haunt the local currency in the coming days.
They said the sentiments had improved due to measures taken by the government to fight the pandemic. The measures resulted in the rise in domestic demand for finished and raw materials.
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