Pakistani rupee maintained its uptrend for the ninth successive working day, as it further gained Rs3.38 to trade at Rs215.50 against the US dollar in the interbank trade on Friday morning.
Despite shrinking foreign exchange reserves, the rupee has continued to recover against the greenback as the supply of the 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 rupee closed at Rs218.88 on Thursday, according to the central bank data. The currency has regained over 9% (or nearly Rs21) in the past nine consecutive trading sessions.
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.
Prior to that, the rupee nosedived 13.75% (or Rs31.31) for 10 consecutive working days to an all-time low at Rs239.94 against the greenback on July 28.