KARACHI: Rupee maintained its upward trend against greenback, gaining 0.18 paisas in interbank market on hopes of dollar inflows in country in next two months. Domestic unit appreciated for 13th consecutive session and closed session at Rs 217.79 per dollar.

Finance Minister Ishaq Dar has given more confidence to market by assuring that economic management will improve, this has led to continuous upward trend of rupee, a capital market expert Saad Ali told.  He said that rupee’s appreciation is also in line with authorities cracking down on speculative activities in currency market. “There is an expectation of dollar inflows in next one to two months which has also improved market sentiments,” he added. 

However, several other factors supported strengthening of unit against dollar, which included improvement in inflows in form of remittances and exports, a crackdown on speculators and a declining gap between interbank and KERB.

Published in The Daily National Courier, October, 12 2022

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