KARACHI: As its bullish spell entered the 20th session in a row, the rupee on Wednesday dragged the dollar below the psychological barrier of Rs285 in the interbank market.

The currency experts were of the view that the local currency could hardly recover up to this level due to dwindling foreign exchange reserves amid low inflows and weak economic fundamentals.

The State Bank of Pakistan reported that the dollar lost another Rs1.04 to settle at Rs284.68 compared to Rs285.72 a day earlier. Some dealers said the rupee could also break the next Rs280 barrier but others believe that outflows for debt servicing in the coming months would not allow the local currency to gain more against the dollar.

The Exchange Companies Association of Pakistan (ECAP) reported the dollar price at Rs285 in the open market against Rs286 a day before.

The dollar depreciated by 6.5 per cent against the rupee since the first week of September in the interbank market, while it suffered a steeper loss of Rs47 (14.15pc) in the open market.

Published in Dawn, October 5th, 2023