KARACHI: The rupee on Friday managed to stage a modest recovery against the US dollar after suffering losses in the last 15 consecutive sessions.
The dollar lost just six paise against the local currency to close at Rs239.65 from Rs239.71 a day earlier.
Currency dealers were not sure whether the reversal of the exchange rate trend would be sustainable or not but they were of the view that the slight decline in the greenback’s price was the outcome of market expectations following media reports that the United Nations has appealed to the international lenders to restructure Pakistan’s debts to create fiscal space to the flood-hit country for coping with the natural disaster.
Pakistan has estimated flood damages to the tune of $30 billion as floods destroyed major crops including wheat, sugar, rice, cotton etc. Sindh is the worst affected province as major agri belt of the province is still submerged in floodwater.
Published in Dawn, September 24th, 2022