Dollar slips to Rs164.08 as rupee recovers 11 paisas

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KARACHI: Pakistan rupee recovered 11 paisa (+0.07 percent) against the US dollar in the interbank on Tuesday. According to the State Bank of Pakistan, the US dollar opened at Rs164.19 and closed at Rs164.08. This is the lowest level of Pakistani rupee against the US dollar since October 05, 2020. Within the open market, the rupee was traded at Rs164.20/164.80 per dollar. Overall, Pakistani rupee shed Rs0.08 against the US dollar during the last two days, while depreciation during the fiscal year 2021-22 has been Rs6.72. The local unit has shed Rs3.89 against the US dollar in the current year 2021. According to currency dealers, the market witnessed supply of the dollar during the day that helped the rupee recover. They said the demand for the dollar was also high due to import payments demand, especially ahead of two public holidays. The government has announced public holidays on August 18 to 19, 2021 on the occasion of Ashura. TLTP