KARACHI: The dollar gained 45 paise against the rupee on Wednesday, pushing the US currency’s price up to Rs211.93 in the inter-bank market.

Currency dealers said the rupee appreciated against the dollar for a brief period during the first session, but the greenback succeeded in dominating again.

There was no apparent reason for rupee’s appreciation, except Finance Minister Miftah Ismail’s statement about the bailout deal with the International Monetary Fund.

The currency market is highly speculative and working like equity market these days. Speculative forces are profiteering from these kinds of statement from the government, said the currency dealers.

Exchange companies reported lower dollar rate of Rs210.70 in the inter-bank market, while it was Rs212 in the open market against Rs215.50 on Tuesday.

Published in Dawn, June 23rd, 2022