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KARACHI: Pakistani rupee held ground against the US dollar last week and gained 0.57 percent (Rs1.06) after shedding 2.86 percent (Rs5.20) in the preceding week.
The rupee recovered from 186.75 to Rs185.69 against the American currency in the interbank market last week. However, within the open market, the rupee suffered from 185/186 per dollar to 185.50/187 a dollar during the week.
The rupee continued to rise on the back of improvement in the supply of the greenback as an increase in remittances for Ramzan lent support to the domestic currency.
The market remained optimistic about results of recent talks between the government and the International Monetary Fund (IMF) to revive the loan package, which can provide more stability to the currency market.
Overall, the rupee has depreciated by Rs28.26 against the US dollar during the ongoing fiscal year 2021-22 and Rs9.24 during the current year 2022.
