Karachi: Rupee regained some ground against US, appreciating 0.29 percent in inter-bank market. According to State Bank of Pakistan (SBP), domestic unit settled at 283.9, an increase of 0.81 paisa.

Development comes after rupee ended its three-session winning streak settling at 284.71 in inter-bank market and as market keenly awaits resumption of International Monetary Fund (IMF) Extended Fund Facility (EFF) programme, which has remained stalled since last year.

Globally, dollar eased on Tuesday after rallying overnight as strong US economic data reinforced expectations that Federal Reserve will hike interest rates again in May, while investors awaited data from China that will highlight extent of recovery of world’s second-biggest economy.

Dollar which measures currency against six major rivals, fell 0.039 percent to 102.05, after rising 0.5 percent overnight. Data on Monday showed confidence among US single-family homebuilders improved for a fourth straight month in April, while manufacturing activity in New York State increased for first time in five months.

Published in The Daily National Courier, April, 19 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.