KARACHI: The rupee recovered three paisas against the dollar in early trading at the interbank foreign exchange market, dealers said.

The dollar is being traded at Rs172.90 at the opening of the interbank foreign exchange market. The exchange rate ended at Rs172.92 to the dollar a day earlier.

The buying and selling of the dollar have been recorded at Rs173.50 and Rs175.00 at the opening of the open market.

Currency dealers said that the recovery in rupee value was seen due to an agreement signed by the government with the International Islamic Trade Finance Corporation (ITFC). Under the agreement, the ITFC will provide an amount of $761.50 million to Pakistan for the import of oil and gas.

The dealers said that this financing would support the balance of payment and help improve rupee value.

The import bill registered a growth of 65.15 per cent to $25.06 billion during July-October 2021 as compared with $15.17 billion in the same period of the last fiscal year.

The local unit recorded an all-time low of Rs175.27 on October 26, 2021.