Rupee remains firm against dollar

KARACHI: The rupee ended unchanged at Rs170.01 against the dollar on Friday, amid the demand for import payments, dealers said.

They said the market had witnessed the demand for the foreign currency for import payments. However, the supply of export receipts and workers’ remittances supported the rupee to maintain its value.

The local currency recovered sharply against the dollar during the last few days after falling to a record low of Rs175.27 on October 26, 2021. The recovery in the local unit may be attributed to the announcement of the Saudi government to support Pakistan for the balance of payments.

Last week, Saudi Arabia announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion deferred oil facility to Pakistan to help its balance of payments position, an official statement said.

The dealers said export growth also supported the rupee appreciate against the dollar.

The exports of the country surged 25 per cent to $9.44 billion during July-October 2021, compared with $7.57 billion in the corresponding period of the last year, according to the data released by the Pakistan Bureau of Statistics.

The rupee remained under pressure since the start of the current fiscal year. It fell Rs12.47, or 7.91 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs170.01 on November 5, 2021.