Sunday, May 22, 2022

US dollar ends the day on high after early gains for rupee


KARACHI: After an initial gain, the rupee could not sustain its recovery against the US dollar in the interbank on Tuesday and shed 0.24 paisas against the greenback.

According to the State Bank of Pakistan, the dollar was traded at Rs176.75 at the end of the day, gaining Rs0.24 against the rupee.

Earlier today, the US dollar lost more ground against the rupee in the interbank after the former shed 36 paisas in the early hours of the day.

According to details, the greenback traded at Rs176.16 after shedding Rs0.36 against the rupee. In the open market, the forex dealers said that the dollar is being sold at Rs177.30.

The declining trend of the dollar continued before the New Year after the government introduced the Finance amendment bill, popularly known as mini-budget, in the National Assembly, paving way for withdrawing exemptions given to various import-related products.

The State Bank has also taken various measures to stabilise the exchange rate and the FIA is continuously clamping down on hoarders and smugglers to restrict the outflow of the dollar in a bid to ease its demand, but the dollar continues to rise.


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