Rupee recovers on last trading day of fiscal year

Rupee recovers on last trading day of fiscal year

KARACHI: The Pak Rupee ended with gain to Rs160.05 on the last day of the fiscal year at to the dollar on Friday owing to inflows of exports and workers remittances besides ease in payment for imports.

The rupee gained Rs4.01 to end at Rs160.05 to the dollar in interbank foreign exchange market as against previous day’s all time low of Rs164.06.

The foreign currency market was initiated in the range of Rs162.00 and Rs162.50. The market recorded day high of Rs163.80 and low of Rs160.00 and closed at Rs160.05.

Currency experts said that the ending of Pak Rupee at Rs160.05 would increase the overall debt as the government had estimated the budget 2019/2020 at the higher rupee value.

The exchange rate in open market also witnessed appreciation in the local unit.

The buying and selling of dollar was recorded at Rs159.50/Rs161.00 as compared with previous day’s closing of Rs162.50/Rs163.50 in cash ready market.