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KARACHI: The State Bank of Pakistan reports that after 11 working days, the US dollar managed to gain ground against the rupee, finishing at Rs214.88.
After rising 11.62 percent versus the US dollar over the preceding 11 working days, the rupee lost 0.46 percent on Wednesday.
The currency market was concerned about the reversal trend, which supported the dollar’s increase. During the current fiscal year FY23, the dollar dropped from its top of Rs239.5 to Rs213.90, although currency analysts have cautioned that the rupee’s recovery was predicated on assurances of dollar inflows from the International Monetary Fund (IMF) and other sources.
Currency dealers think that speculators will be able to book profits and sell their positions as a result of the trend reversal.
