KARACHI: The rupee depreciated for the 17th consecutive session on Wednesday against the dollar in the interbank market.

The currency market players believe that the dollar will continue dominating the local currency in the coming days.

The State Bank of Pakistan reported that the greenback appreciated by 27 paise to close at Rs288.14. Currency dealers said there was no change in the market sentiments as most of the dealers believed that even after successful talks with the IMF, a shortage of dollars would remain there.

The open market reported a decline of 50 paise in the dollar rate at Rs289.50 against Rs289 a day before.

Currency experts said that inflows of $2.5bn remittances have supported the market and the depreciation of PKR slowed down. The market hopes were high regarding the inflows from the UAE and Saudi Arabia after a successful conclusion of first quarterly review with the IMF.

Published in Dawn, November 16th, 2023