KARACHI: The rupee continued its rising streak against the US dollar for the third consecutive session recovering another 91 paise to close at Rs182.02 in the interbank market on Tuesday.

The local currency has recovered Rs6.16 after hitting an all-time low at Rs188.18 on Wednesday last.

The currency market was expecting some recovery of rupee against the US dollar as most of them were sure that speculative elements were taking the greenback higher than the real worth.

The dollar is losing despite no change in key economic indicators except that the change of government in Islamabad.

Analysts and researchers don’t see any quick remedy to improve the strength of local currency while the inflows of dollars are expected to remain same. However, market sources in the financial sector expressed fear that any attempt to bring down the exchange rate artificially would be counterproductive.

Bankers said the exporters would not support any idea to bring down the dollar prices artificially as it could hurt the export which has so far shown a growth of 25 per cent during the current fiscal year FY22.

Published in Dawn, April 13th, 2022