Rupee recovers Rs1.8 against dollar

KARACHI: The rupee recovered Rs1.81 against the dollar in the interbank market on Wednesday.

The US dollar settled at Rs286.62 from Rs288.43 on Tuesday, reported the State Bank of Pakistan.

So far this month, the dollar traded in the range of Rs280-288 in the interbank market while it touched Rs295 in the open market.

Currency dealers believe the market increased on a speculative report about a $1 billion commitment by the UAE. However, there was no confirmation about inflows from the UAE.

The Exchange Com­panies Association of Pakistan reported the dollar price at Rs289 for the banking market and Rs294 for the open market.

Despite higher inflows due to the Ramazan factor, there was no positive impact on the local currency.