KARACHI: Rupee lost nearly Re1 against dollar in interbank market after coming under pressure due to import payments and political uncertainty. Domestic unit was gaining ground against greenback in last three consecutive sessions and gained Rs 1.1 and was trading below 219.

Rupee closed at 220.68 after losing 0.95 paisas or 0.43 percent against greenback in interbank market compared to Tuesday’s close of 219.73.  Arif Habib Limited’s Head of Research Tahir Abbas said that unit is facing a “little pressure” in interbank market. This is a daily basis depreciation, however, currency will consolidate in between 215 to 220,” he added.

Tariq maintained that market depended on ADB’s funds and that it would reverse impact. However, according to recent government system, number of dollar outflows will be same as inflows.  He added that effect of backlog from two-three days can be seen on parity. 

Published in The Daily National Courier, October, 27 2022

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