Pakistani rupee breaks 11-day winning streak against US dollar

KARACHI: The Pakistani rupee snapped its 11-day winning streak against the US dollar during intraday trade on Wednesday as the local currency undergoes correction.

In the interbank market, the rupee depreciated by 0.10 and fell to 214 against the greenback, according to Forex as of 1:10pm, down from 213.90 at the close of Tuesday’s trade.

Head Of Research and Development at Pakistan Kuwait Investment Company, Samiullah Tariq, told that there was “a bit of a correction” as the rupee appreciated “too much”.

However, he noted that “things seem under control”.

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