KARACHI: The US dollar succeeded in gaining against the rupee after 11 working days, with a closing price of Rs214.88, according to the State Bank of Pakistan.

The rupee fell by 0.46 per cent on Wednesday after gaining 11.62pc against the US dollar in the previous 11 working days.

The reverse trend, which helped the dollar to gain, was alarming for the currency market. The dollar fell from its peak of Rs239.5 to Rs213.90 during the current fiscal FY23, but currency experts have been warning that the rupee’s recovery was on the back of promises of dollar inflows from the International Monetary Fund (IMF) and other sources.

Currency dealers believe the reversal trend will enable speculators to liquidate their holdings and book profits.

Published in Dawn, August 18th, 2022