Rupee recovers one paisa against dollar

Rupee recovers one paisa against dollar

KARACHI: The Pak Rupee (PKR) recovered one paisas against the dollar on Wednesday as import payment demand eased in the interbank foreign exchange market.

The rupee ended Rs176.75 to the dollar from previous day’s closing of Rs176.74 in the interbank foreign exchange market.

Currency experts said that the local unit was supported by ease in demand for the foreign currency.

They said that due to recent measures taken by the government regarding import restrictions resulted in recovery in rupee value.

The local currency recorded an all-time low of Rs178.24 to the dollar on December 29, 2021.

They said that through Finance (Supplementary) Ordinance, 2021 exemptions on many imported goods have been withdrawn.

The experts said that falling foreign exchange reserves are still major threat to rupee stability.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) slipped by $299 million to $17.85 billion by week ended December 24, 2021 when compared with $18.15 billion a week ago.

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