Dollar retreats for 7th consecutive days against Rupee

Dollar retreats for 7th consecutive days against Rupee

KARACHI: The US dollar retreated for seventh consecutive trading days after falling another 19 paisas against the local unit on Tuesday.

The exchange rate was at Rs159.10 on February 19, 2021. Since then the local currency recovered Rs1.25 against the dollar in interbank foreign exchange market.

On Tuesday the rupee closed at Rs157.85 to the dollar from previous day’s closing of Rs158.04 in the interbank foreign exchange market.

Currency experts said that with the dip of 19 paisas the US dollar was at nearly one-year low in Interbank, trading at Rs157.85 as it was Rs157.35 on March 10, 2020. The dollar has fallen by 6.4 percent since its peak lost around Rs10.58 since August 26, 2020 when it was at record high of Rs168.43.

The currency experts said that the rupee may make more gains in coming days owing to improved inflows of workers’ remittances and export receipts.