Dollar falls 31 paisas to PKR in interbank

Dollar falls 31 paisas to PKR in interbank

KARACHI: The US dollar fell by 31 paisas against the Pak Rupee (PKR) on Friday owing to improved supply of the foreign currency.

The interbank foreign exchange market ended at Rs176.07 to the dollar from the previous day’s closing of Rs176.38.

Currency experts said that the market witnessed sufficient supply of dollars by the commercial banks to feed the demand for import payments. They said that dollar demand remained high due to the last trading day of the week.

The experts said that positive sentiments also prevailed following the National Assembly passing the Finance (Supplementary) Bill, 2021 a day earlier. The bill contained several import restrictions through imposition of duty and taxes on non-essential and luxury items.

They said that recent measures introduced by the State Bank of Pakistan (SBP) had also helped the rupee to recover against the foreign currency. The SBP on January 05, 2022 directed exporters to realise their export receipts within 120 days from date of shipment instead of 150 days.

The experts said that falling foreign exchange reserves and rising oil prices in the international market remained a challenge for the rupee’s stability in the coming days.

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