Rupee recovers 38 paisas against dollar

KARACHI: The rupee recovered 38 paisas against the dollar on Wednesday, as inflows of the foreign currency was witnessed during the day, dealers said.

The exchange rate ended at Rs167.25 against the dollar from the previous day’s closing of Rs167.63 in the interbank foreign exchange market.

The dealer said the flow of export receipts and workers’ remittances helped the local unit recover against the greenback.

The local currency depreciated massively in the interbank during the first two days of the current week.

The rupee recorded losses in its value since the start of the current fiscal year. The rupee has lost around Rs9.71 against the dollar since July 1, 2021.

The dealers said the external payment kept the exchange rate under pressure during the current fiscal year.

The rupee is near to the all-time low of Rs168.44 against the dollar, which was recorded on August 26, 2020.