Rupee continues upward trend against dollar

The Pakistani rupee extended gains against the United States (US) dollar at the start of Wednesday’s trading in the interbank currency market, with the local currency gaining 49 paisa compared to the previous close on the back of $499 million inflows from the International Monetary Fund (IMF) and a Eurobond issue of $2.5 billion.

Tuesday’s closing rate was Rs153.09 while the dollar was being quoted at Rs152.60 during early trade at interbank today after having opened at Rs152.50.

Earlier, the dollar hit a 22-month low of Rs151.50, last seen on June 11, 2019, before rebounding. The lowest trade reported so far today was at Rs151.75.

Yesterday, currency dealers in the interbank market said the dollar had lost 95 paisas and was traded at Rs153, closing at Rs153.09, close to the price available on June 13, 2019, at Rs152.90.

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The rupee has recovered more than Rs14 during the last seven months since it touched an all-time low of Rs168.43 last year in August.



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