Rupee Keeps Up Modest Upward Trend Against US Dollar.

The Pakistani rupee still keeps up its upward trend at the start of this week against US dollar as it gains 87 paisa in its value in the interbank trading.

According to forex dealers, during the morning trading activity in the money market on Monday, the US dollar depreciated by 87 paisa and was trading for Rs238.50 by 11am.

On Friday, the last trading day of the previous week, the US currency slumped and closed at Rs239.37. The dollar which had been pulverizing the Pakistani rupee for the last few weeks gave some breathing space to Pakistani rupee which on Friday gained 57 paisa in the interbank trading.

Finance Minister Miftah Ismail during his press conference yesterday, sounded hopeful believing that pressure on the rupee would be dissipated within two weeks and things would become easy. He said rupee value was improving after a reduction in our import bill which was a welcoming sign.

While conceding that dollar had gone out of control post the July 17 by-polls in Punjab, Ismail said he still believed the value of rupee was far greater than where it was currently standing.

'Fundamentals are in my favour, but speculation and sentiments also play a role,' he said.

The sentiments in market have also improved with the hope that the International Monetary Fund (IMF) is likely to start the process for...

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