Rupee makes sharp recovery; ends at Rs177.51 to dollar

Rupee makes sharp recovery; ends at Rs177.51 to dollar

KARACHI: The Pak Rupee (PKR) made a sharp recovery of 73 paisas against the dollar on Thursday owing to sufficient supply of the foreign currency in the market.

The rupee ended Rs177.51 to the dollar from previous day’s closing of Rs178.24 in the interbank foreign exchange market.

READ MORE: Rupee falls to new historic low of Rs178.24 to dollar

The last day’s closing was the lowest level of the rupee.

Currency experts said that the market witnessed high dollar demand earlier in the day and the rupee fell to intraday low of Rs178.35.

However, they said that the State Bank of Pakistan (SBP) intervened to support the local currency. They claimed sufficient liquidity provided by the central bank to meet the foreign payments.

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The experts said that the action was taken to support the local unit and keep the value below the lowest level by end the year. Today was second last trading of the year.

They said that due to year end the demand for dollar remained high as corporate buyers and importers were seen active during the day.

READ MORE: Pakistan’s forex reserves decline by $395 million in week

Since the start of the current fiscal year the rupee has witnessed sharp decline owing to large import bill and widening of current account deficit.

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