Rupee recovers

KARACHI: The rupee recovered from losses on Wednesday to end the session with marginal gains, amid the lack of import payments, dealers said.

The rupee closed at 160.39 against the dollar, compared with the Tuesday’s closing of 160.59 in the interbank foreign exchange market.

In the open market, the rupee gained 10 paias to end at 160.60 against the greenback.

Dealers said the local unit gained ground due to dull dollar demand from importers for payments. The news of repayment of Saudi loans also eased panic in the market, providing support to the domestic currency, they added.

The government repaid $1 billion of the total $2 billion loans to Saudi Arabia. The next installment is scheduled for January 2020.

The reports of giving financial assistance from Japan to Pakistan also boosted traders’ sentiment. Dealers said the dollar inflows from bilateral and multilateral sources will help increase the supply of the greenback in the times to come. This could bode well for the rupee in the near-term.