KARACHI: The US dollar fell by 25 paisas to end Rs176.67 to the dollar in the interbank foreign exchange market on Friday.
Currency experts said that banks had provided sufficient dollars during the day which supported the rupee value. They said that the banks had received the foreign currency under the head of export receipts and workers’ remittances.
The experts said that the market witnessed demand for dollar for week-end import payments. They said that the market would close next two days due to weekly holidays.
The rupee recovered sharply during the last two days of the year 2021 and closed the year at Rs176.51 from the lowest level of Rs178.24 to the dollar on December 29, 2021.
The experts said that ease in import bill in month on month basis also supported the local unit to make recovery. The import bill eased to $6.9 billion in December 2021 as compared with $7.9 billion in November 2021.