Rupee recovers 4 paisas to dollar at interbank opening

KARACHI: Pakistani rupee recovered 4 paisas against the dollar in early trade at the interbank foreign exchange market on Wednesday.

The dollar is being traded at the historic high of Rs178.15 at the opening of the interbank market.

The exchange rate ended as the local currency hit a historic low of Rs178.19 on Tuesday December 28, 2021.

The dealers said the tightening of foreign exchange buying by the central bank deterred speculative buying.

The SBP on December 19, 2021 imposed restrictions on the foreign exchange buying by individuals from the open market to discourage speculative gains. As per the restrictions an individual can buy a maximum of $10,000/day and $100,000 in a year.

The dealers said that the inflows in the shape of workers remittances and export receipts helped the local currency recover.

The widening of trade deficit and the current account deficit are still major threats to the rupee stability, the dealers said.

The buying and selling of the dollar at the open market was recorded at Rs179.70 and Rs181.10.

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