KARACHI, May 6: The rupee recovered on Tuesday from a record closing low set the previous day but is still 6.2 per cent down this year and dealers said it was likely to remain under pressure in coming days.

The rupee closed at 65.42/52 to the dollar, firming from a previous record low of 65.76/81 set on Monday.

Dealers said the rupee traded at more than 66 to the dollar in intra-day trade but stabilised on possible intervention by the central bank.

“In the near future, there’s no hope the rupee will recover,” said a trader at a local bank.

The rupee has been under pressure from increased demand for dollars from oil importers and dealers also anticipated outflows from a weakening stock market.

Dealers said there was speculation the State Bank of Pakistan, which closely shepherds the exchange rate, may consider aggressive monetary tightening before its next scheduled policy review in July to curb import demand.—Reuters