Rupee gains 25 paisas against dollar

KARACHI: The rupee gained 25 paisas against the dollar on Friday, as inflows of export receipts and remittances helped the local currency, dealers said.

The rupee ended at Rs176.67 against the dollar from the previous day’s closing of Rs176.92 in the interbank foreign exchange market.

The dealers said the local currency was supported by the dollar inflows in the shape of export receipts and workers’ remittances.

The rupee made gains, despite a surge in the international oil prices and weekend demand for import payments.

They said the rising oil prices may weaken the rupee value in the coming days. Pakistan is net importer of petroleum products. The oil import bill of the country recorded an increase of 112 per cent to $8.38 billion during the first five months (July-November 2021/22), compared with $3.95 billion in the corresponding period of the last fiscal year.

The rupee made a sharp recovery of Rs1.73 during the last two days of the year 2021 and closed at Rs176.51. it recorded an all-time low of Rs178.24 against the dollar on December 29, 2021.

The dealers said the market was optimistic about the rupee’s stability in the coming days due to import restrictions introduced through the Finance (Supplementary) Bill, 2021.

Further, the rupee was supported due to ease in the import bill to $6.9 billion in December 2021, compared with $7.9 billion in November 2021.

In the open market, the buying and selling of the dollars was recorded at Rs178/Rs179 at 3:15pm PST.

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