KARACHI: The US dollar sustained its upward journey on Wednesday as the greenback gained 72 paisas in value against the Pakistani rupees.

According to the forex dealers in the interbank market, the Pakistani rupee suffered 72-paisa depreciation during the trading activity on Wednesday. As the business concluded, the US dollar was at Rs218.38, up 72 paisas. On Tuesday, the greenback ended the day at Rs217.66 with a one-rupee gain. The ongoing political uncertainty is another factor that keeps dragging the local currency down.

The sky-high inflation in the country, rising trade deficit, and falling foreign exchange reserves are putting extreme pressure on the local currency. The IMF tranche which is expected to reach Pakistan by the end-month is likely to give a much-needed boost to our economy and revive confidence in the value of the Pakistani rupee.

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