Rupee maintains upward trend, closes at 213.90

The Pakistani rupee maintained its upward trend for the eleventh consecutive day, closing at 213.90 against the US dollar in the interbank market on Tuesday.

At the close of today's market, the dollar depreciated Rs0.09 or 0.04% against the rupee, according to the data from the State Bank of Pakistan (SBP).

Despite shrinking foreign exchange reserves, the rupee has continued to recover against the greenback as the supply of foreign currency increased consistently compared to its demand in the system.

Exporters are selling dollars in the market amid the rupee’s appreciation. Earlier, they withheld dollar supplies in anticipation of more depreciation of the local currency.

The uptrend is driven by growing optimism about the revival of a suspended International Monetary Fund (IMF) bailout package later this month as the government has successfully completed the requirements for the release of $1.17 billion in funds.