Rupee recovers 15 paisas against dollar in interbank

Rupee recovers 15 paisas against dollar in interbank

KARACHI: The Pak Rupee recovered 15 paisas against the dollar on Monday owing to import restrictions measures introduced through the mini-budget.

The rupee ended Rs175.92 to the dollar from last Friday’s closing of Rs176.07 in the interbank foreign exchange market.

READ MORE: Dollar falls 31 paisas to PKR in interbank

Currency experts said that the implementation of Finance (Supplementary) Bill, 2021 has positively impacted the foreign currency market.

They said that the higher rates of duty and taxes imposed through the bill had discouraged the dollar demand.

The government on December 30, 2021 tabled the Finance (Supplementary) Bill, 2021. The bill was adopted by the National Assembly and was granted ascent by the President last week.

READ MORE: Finance (Supplementary) Bill gets presidential approval

They further said that the US markets were closed on Monday which reduced the import payment demand. The US markets were observing the holiday on account of Martin Luther King Jr. Day.

The currency experts said that the measures taken by the State Bank of Pakistan (SBP) related to reducing days for realizing export receipts also helped the rupee to make gain.

READ MORE: SBP shortens period to 120 days for bringing export earnings

They however said that the higher import bill and falling foreign exchange reserves remained major challenges for the rupee stability in coming days.