Rupee Has Registered a Largest Gain Against US Dollar
ISLAMABAD, August 18, 2022- Today marked the eleventh day in a row that the Pakistani rupee has beaten the US dollar, and it finished at 213.90 on Wednesday in the interbank market.
Announcement of Pakistani rupee winning a streak against US dollar
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State Bank of Pakistan (SBP) records show that during the trading session, the Pakistani rupee increased by 0.09, or 0.04%, in relation to the US dollar. The rupee has kept strengthening against the dollar despite declining foreign exchange reserves because the system’s supply of foreign currency has constantly outpaced its demand.
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Due to the strengthening of the rupee, exporters are selling dollars on the market. They already withheld dollar shipments in preparation for more local currency devaluation. Also the government has successfully met the requirements for the release of $1.17 billion in money, and there is growing optimism regarding the restoration of a suspended International Monetary Fund (IMF) rescue package later this month.
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