Rupee rebounds against dollar in interbank

Rupee rebounds against dollar in interbank

KARACHI: The Pak Rupee (PKR) made a recovery against the dollar on Wednesday. The local currency gained value on inflows of export receipts and workers’ remittances.

The rupee ended at Rs167.25 to the dollar from the previous day’s closing of Rs167.63 in the interbank foreign exchange market.

Currency experts said that inflows of export receipts and workers’ remittances helped the local unit to recover against the greenback.

The local currency witnessed a massive decline during the past couple of days.

The rupee has witnessed a decline since the start of the current fiscal year. The rupee lost around Rs9.71 against the dollar since July 01, 2021.

The experts attributed the fall in rupee value to external payment which kept the dollar demand higher during the current fiscal year.

The rupee is near to the all-time low of Rs168.44 against the dollar, which was recorded on August 26, 2020.

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