Rupee unable to maintain recovery against dollar

KARACHI: The Pak Rupee has failed to maintain recovery made in early trading against the dollar on Monday owing to demand for import and corporate payments.

The rupee gained 51 paisas against the dollar in the early trade in interbank foreign exchange market. The local unit gained owing to positive sentiments following the signing of $20 billion investment agreements between Pakistan and Saudi Arabia.

However, the rupee gained 11 paisas to end at Rs138.72 to the dollar from last Friday’s close of Rs138.83 in interbank foreign exchange market.

The interbank foreign exchange market was initiated in the range of Rs138.25 and Rs138.75.

The market recorded day high of Rs138.75 and low of Rs138.35 and closed at Rs138.72.

The rupee however made gains of 40 paisas against dollar in open market.

The buying and selling of dollar was recorded at Rs138.20/Rs138.70 from last Saturday’s closing of Rs138.60/Rs139.10 in cash ready market.

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