Rupee recovers 12 paisas at the interbank opening

KARACHI: Pakistani rupee gained 12 paisas against the dollar in early trade at the interbank foreign exchange market on Tuesday.

The dollar is being traded at Rs176.60 at the opening of the interbank market.

The exchange rate was closed at Rs176.48 on Monday, December 6, 2021.

Currency dealers said that the local currency is making a recovery as it is supported by the foreign exchange deposits provided by Saudi Arabia last week, and the market was anticipating significant recovery in the rupee value.

The inflows received by the State Bank of Pakistan in the shape of safe deposits for one year, to address the country’s balance of payments crisis is giving the required support to the local currency.

The interbank market at Rs176.77 on Friday, December 3, 2021, was the historic low closing of rupee against the dollar.

The buying and selling of the dollar at the open market was recorded at Rs177.5 and Rs178.75.