Rupee recovers four paisas against dollar

Rupee recovers four paisas against dollar

KARACHI: The Pak Rupee recovered four paisas against the dollar on Wednesday owing to improved supply of the foreign currency to meet demand for import and corporate payments.

The rupee recovered after witnessing deterioration in the previous two trading dates.

The rupee ended Rs160.29 to the dollar from the previous day’s closing of Rs160.33 in the interbank foreign exchange market. Currency dealers said that the market had witnessed supply of the greenback due to improved inflows of workers’ remittances and export receipts.

They said that the demand for imports and corporate payments remained high. The coronavirus vaccination has improved sentiments worldwide and has given a push upward to the foreign trade.

They further said that the foreign companies operating in Pakistan were also buying dollars to repatriate profit and dividend for the period ended December 31, 2020. They however hoped that the improved export receipts and inflows of workers’ remittances would help the local unit to gain value.

On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

The Adviser said this was the highest export ever in the previous month of December 2020.

He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.