Wednesday Dec 01, 2021
KARACHI: The rupee continued to recover against the US dollar in the interbank market on Wednesday.
The Pakistani currency gained 24 paisas against the greenback, settling at Rs175.48.
A day earlier, the local unit closed at Rs175.72 against the US currency after news regarding the Saudi package Pakistan expects to receive in the next few days.
Currency dealers said that during the last two days there was not much demand for the greenback as importers covered their payments, while exporters sold dollars in anticipation of appreciation in the currency in the days ahead.
A dealer was hopeful that the expected $3 billion deposit from Saudi Arabia would help improve the forex reserves as well as ease pressure on the rupee.
The rupee has maintained the downtrend for the past six months. It has lost 15.24% (or Rs23.21) to date, compared to the 22-month high of Rs152.27 recorded on May 14.
With a fresh increase of 0.14%, the rupee has depreciated by 11.38% (or Rs17.94) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.
Earlier, speaking to Geo.tv, Arif Habib Limited's Head of Research Tahir Abbas had predicted that during the week the currency will trade within a range of Rs175-176 against the greenback.