ISLAMABAD: The mighty dollar struck back against the Pakistani rupee in interbank market on Tuesday and the hit was hard as the greenback recovered the lost amount it conceded in the morning and their rocketed by Rs1.83. At the start of the business, the Pakistani rupee recorded its fifth successive gain against the US dollar as the local currency went up by 42 paisas straight way, but the world’s most powerful currency snapped the rupee’s winning streak and scored a massive gain of Rs1.83. As per the information received from the forex dealers, the Pakistani rupee suffered a huge loss of Rs1.83 in its value and was currently being traded at at Rs261.75. On Monday, the rupee settled at 259.92 against the greenback, up seven paisas in the inter-bank market. The Pakistani rupee appreciated nearly 1.1% during the previous week to close at 259.99, as news of an inflow of $700 million from China boosted sentiment. The currency has been on a gaining spree since it hit its all-time low of over 276 earlier in February, with realisation of export proceeds and a higher flow of remittances through legal channels aiding the recovery. The country’s foreign exchange reserves have increased marginally but the level is still at less than one month of import cover, and underscores the urgent need for authorities to revive the stalled International Monetary Fund (IMF) programme. DNA
