Rupee recovers 94 paisas against dollar
KARACHI: The rupee made a recovery of 94 paisas against the dollar on Thursday after falling to an all-time low a day ago, dealers said.
The local currency fell to the historic low of Rs169.12 against the dollar in the interbank foreign exchange market.
The exchange rate ended at Rs168.18 against the greenback from the previous day’s closing of Rs169.12 in the interbank foreign exchange market.
The currency dealers said the market witnessed supply of the dollars during the day. It is believed that the State Bank of Pakistan (SBP) intervened in the market and pumped dollars to support the local currency.
They said the dollar demand for imports and corporate payments remained high. The demand increased due to higher prices of commodities and oil in the international markets.
The widening trade deficit has also escalated the demand for the greenback. The import bill for the month of August 2021 was recorded at $6.46 billion, whereas it increased to $12.06 billion during the first two months of the current fiscal year.
The higher import bill ballooned the trade deficit by 120 per cent to $7.49 billion during July–August 2021.
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