The Rupee Breaks Its Losing Streak Against The US Dollar And Makes Minor Gains

KARACHI: According to brokers, the Pakistani rupee rebounded from eight-session lows on Tuesday, reversing the dollar’s downward trend.

In the interbank market, the local currency increased Re0.24 or 0.11% to close at 223.42. Comparing that to Monday’s closing price of Rs223.66

During the last eight trading sessions, the country’s currency lost 2 rupees, or 0.9%, against the US dollar.

Even the improvement in the nation’s current account balance, according to analysts, was unable to boost the rupee.

In October, the current account deficit decreased by 68% to $567 million.


According to dealers, the market’s mood is negatively impacted by Pakistan’s rising danger of failing to meet its obligations to repay foreign debt, the holdup in IMF-Pakistan negotiations, and the lack of a deadline for incoming financing from friendly nations.


Although the current account gap has closed, exports and remittances have suffered significantly.

The inflows have slowed, and traders are anxiously waiting for the World Bank to send the essential relief money at this time.


In the money market, there is still pessimism prevalent.

Positive news on the political and inflow fronts, however, was seen as determining the rupee’s future course.

Written by Aly Bukshi

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