Rupee maintains upward trend, hovers around 212 in interbank market

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2022-08-16 12:03:00

Picture Pakistan rupee and greenback — Canva/file

The Pakistani rupee maintained its upward pattern for the eleventh consecutive day, hovering around 212.15 in the early hours of buying and selling in the interbank market on Tuesday.

At around 11:00 am, the rupee was buying and selling at 212.69, up Rs1.29 or 0.60% towards the US greenback in intraday buying and selling.

The rupee gained floor towards the greenback on Monday, rising for the tenth consecutive session to shut at 213.98 in the interbank market.

On Friday, the Pakistani rupee had gained Rs3.38 to shut at Rs215.50 towards the US greenback in the interbank market.

Regardless of shrinking overseas trade reserves, the rupee has continued to get well towards the buck as the availability of overseas forex elevated constantly in comparison with its demand in the system.

Exporters are promoting {dollars} in the market amid the rupee’s appreciation. Earlier, they withheld greenback provides in anticipation of extra depreciation of the native forex.

The uptrend is pushed by rising optimism concerning the revival of a suspended Worldwide Financial Fund (IMF) bailout bundle later this month as the federal government has efficiently accomplished the necessities for the discharge of $1.17 billion in funds.

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