Rupee recovers 18 paisas against dollar
KARACHI: The rupee recovered 18 paisas against the dollar on Friday, after restrictions were imposed through cash margin requirements on imports.
The exchange rate ended at Rs170.48 against the dollar from the previous day’s closing of Rs170.66 in the interbank foreign exchange market.
The local unit hit an all-time low of Rs170.66 on September 30, 2021. The rupee recorded a decline of Rs12.94, or 8.21 per cent, against the dollar till the closing of trade on October 1, 2021.
The dealers said the rupee recovered; following import restrictions imposed by the State Bank of Pakistan. A day earlier, the central bank imposed a 100 per cent cash margin requirement on the import of additional 114 items.
With the new addition, the import restriction of cash margin is now on 525 items.
“The measure will help discourage imports of such items and; thus, support the balance of payments,” the SBP said in a statement.
The dealers said the pressure on the exchange rate was also released due to the close of the quarter ended on September 30, 2021.
They said the quarterly payments requirement had also escalated the dollar demand.
Despite recovery of the rupee; following import restrictions, the dealers said widening of trade deficit and current account deficit remained major concerns for the rupee stability in the coming days.
Govt to slash edible oil price by Rs45-50 per litre, says Asad Umar
ISLAMABAD: Minister for Planning and Development Asad Umar on Monday said that...
Engro Polymer earns profit of Rs3.10 billion
KARACHI: Engro Polymer and Chemicals Limited (EPCL) has declared a cash dividend...
No deadlock with IMF, says Finance Ministry
ISLAMABAD: The Ministry of Finance has rejected the news regarding the failure...
Dollar at record high against rupee
KARACHI: The dollar in the interbank market surged almost one per cent,...
China’s growth slows further in third quarter
BEIJING: China’s economic growth slowed more than expected in the third quarter,...