Rupee recovers 7 paisas against dollar

KARACHI: The rupee recovered seven paisas against the dollar on Friday to end the losing streak, dealers said.

The exchange rate ended at Rs166.91 against the dollar from the previous day’s closing of Rs166.98 in the interbank foreign exchange market.

The local currency for the first trading day made a gain during this week. The local unit lost Rs1.63 against the dollar during the first four trading days of the outgoing week. The exchange rate was closed at Rs165.62 on August 27, 2021.

The currency dealers said the dollar demand remained high during the day because of the last trading day of the week. However, supply of the dollar was seen in the shape of workers’ remittances and export receipts. Prior to this, the dollar made significant gains in early day trading.