ISLAMABAD – Pakistani rupee shows some resistance against the US dollar on Wednesday in the inter-bank market.
During the early hours of trading, the local currency was hovering at 288.25, with an increase of Rs0.27.
Earlier this week, Pakistani rupee faced back-to-back blows for the eighth consecutive session as it lost nearly Rs12 against the greenback in the trading sessions.
Experts linked the downward trajectory of the Pakistani rupee with a knee-jerk reaction as the government revoked several import restrictions on IMF demands, and the pressure stays on the rupee.
Rupee is expected to show gradual depreciation as the backlog created due to import curbs is now cleared.
More to follow…
