Rupee strengthens by 40 paisas to dollar in interbank

Rupee strengthens by 40 paisas to dollar in interbank

KARACHI: The Pak Rupee (PKR) strengthened by 40 paisas against the dollar on Wednesday in interbank foreign exchange market. The rupee ended Rs176.23 to the dollar from previous day’s closing of Rs176.63 in the interbank foreign exchange market.

It was second consecutive day when the rupee made gain. The local currency recovered around 45 paisas during the past two days.

Currency experts said that positive sentiments were prevailed during the day that helped the local unit to make gain. They said that the mandatory requirement of realizing export receipts helped inflows in the market.

The State Bank of Pakistan (SBP) on January 05, 2022 issued directives to realize their export receipts within 120 days from date of shipment instead 150 days.

The experts however said that the falling foreign exchange reserves big challenge for the rupee stability in coming days.

The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $170 million to $17.686 billion by week ended December 31, 2021 as compared with $17.856 billion a week ago.