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Wednesday September 28, 2022

Rupee maintains winning streak against US dollar, closed at 213.90

According to the data released by the State Bank of Pakistan, the local unit appreciated 0.09 or 0.04% against the greenback during the trading session

By Web Desk
August 16, 2022
A representational image of rupee currency dealer collecting local currency. — AFP/File
A representational image of rupee currency dealer collecting local currency. — AFP/File

KARACHI: Amid the growing optimism about the revival of a suspended International Monetary Fund (IMF) bailout package later this month, the Pakistani rupee continued its winning streak against the US dollar for the eleventh consecutive day today and closed at 213.90 in the interbank market on Tuesday.

According to the data released by the State Bank of Pakistan (SBP), the local unit appreciated 0.09 or 0.04% against the greenback during the trading session.

Despite shrinking foreign exchange reserves, the rupee has continued to recover against the greenback as the supply of foreign currency increased consistently compared to its demand in the system.

Exporters are selling dollars in the market amid the rupee’s appreciation. Earlier, they withheld dollar supplies in anticipation of more depreciation of the local currency.

The uptrend is driven by growing optimism about the revival of a suspended International Monetary Fund (IMF) bailout package later this month as the government has successfully completed the requirements for the release of $1.17 billion in funds.