Rupee hits new low against dollar the correspondent.pk

Pakistani rupee maintained its upward trend for the 11th consecutive day, hovering around 212.15 against US dollar 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 and closed 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 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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