Rupee recovers 96 paisas against dollar

KARACHI: The Pak Rupee recovered 96 paisas against the dollar on Tuesday following the central bank kept the policy rate unchanged and lower demand of the foreign currency from importers.

The rupee ended Rs160.09 to the dollar from the previous day’s closing of Rs161.05 in the interbank foreign exchange market.

Currency dealers said that a day earlier the State Bank of Pakistan (SBP) kept the key policy rate unchanged at 7 percent giving confidence to trade and industry.

They further said that the imposition of lockdown to prevent spread of coronavirus in international markets also discouraged importers from placing new orders to their foreign suppliers.

The rupee gained to Rs158.30 against the dollar on November 17, 2020. However, since then the local currency witnessed a declining trend.

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