Rupee maintains upward trend, hovers around 212 in interbank market

Image Pakistan rupee and dollar — Canva/file
Image Pakistan rupee and dollar — Canva/file

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

At around 11:00 am, the rupee was trading at 212.69, up Rs1.29 or 0.60% against the US dollar in intraday trading.

The rupee gained ground against the dollar on Monday, rising for the tenth consecutive session to close at 213.98 in the interbank market.

On Friday, the Pakistani rupee had gained Rs3.38 to close at Rs215.50 against the US dollar in the interbank market.

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.

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