KARACHI: The rupee continued to rise against the dollar on Wednesday, going up by nearly one per cent to close at Rs221.91 in the interbank market.

The State Bank of Pakistan data showed that the rupee appreciated by 2.13 against the US currency compared to the previous close of Rs224.04.

In the open market, the dollar was traded at Rs218 compared to Rs222 the previous working day, a loss of Rs4 per dollar.

The rupee recovered Rs7.91pc or Rs18.03 against the dollar during the last seven sessions, gaining strength without an additional dollar supply.

According to forex dealers, the massive decline in imports, which cut the trade deficit by 47 per cent in July FY23, was the main reason for the depreciation of the dollar.

Published in Dawn, August 11th, 2022