KARACHI: The rupee made a recovery of 24 paisas against the dollar on improved sentiments regarding foreign inflows and falling international oil prices, dealers said on Wednesday.

The exchange rate ended at Rs175.48 against the dollar from the previous day’s closing of Rs175.72 in the interbank foreign exchange market.

The local currency recovered against the greenback for the second straight day after falling to the historic low of Rs176.20 on November 29, 2021 in the interbank foreign exchange market.

Currency dealers said the positive sentiments prevailed in the foreign currency market due to an agreement signed by the State Bank of Pakistan (SBP) with the Saudi Development Fund (SDF) for an assistance package.

The central bank on November 29, 2021 signed the agreement with the SDF, under which the Saudi government will place $3 billion with the SBP.

The currency dealers said the improved number of exports also helped the rupee make some recovery. The exports of the country recorded 33 per cent growth to $2.93 billion in November 2021, compared with $2.17 billion in the same month of the last year.

The dealers said the large imports remained a threat to the rupee stability in the coming days.

The rupee remained under pressure since the start of the current fiscal year. It fell Rs17.94, or 11.39 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs175.48 on December 1, 2021.

In the open market, the buying and selling of the dollar has been recorded at Rs175.80/Rs177.30 at the time of the filing of this report.