Rupee snaps 13-session winning streak

The rupee snapped its 13-session winning streak as it lost three paise against the US dollar to Rs281.89 in the interbank market on Tuesday. However, market experts said the meagre gain didn’t reflect a comeback of the bullish dollar which hit an all-time high of Rs307 against the local currency on Sept 5, 2023. “The depreciation is negligible and does not indicate that the dollar will keep app­reciating against PKR,” said Atif Ahmed, a currency dea­ler in the interbank market. However, he maintained, that the exchange rate stability remained unhurt despite the rupee losing three paise. During the last 13 sessions, the rupee appreciated by just Rs2.04 against the greenback. Currency experts believe that several factors have supported the exchange rate along with administrative measures. The State Bank of Pakistan had succeeded in keeping the foreign exchange reserves around $7bn which jumped by $853m in the second last week of December.