KARACHI: Traders are convinced that the rupee would continue its upward trajectory against the dollar unabated in the upcoming week due to the anticipated aid inflow from bilateral and multilateral creditors, IMF loan programme concessions, and improving global commodity markets.
Ishaq Dar’s return and his subsequent remarks on the rupee’s undervaluation, as well as the possibility that economic policy will stay steady moving ahead after he was nominated finance minister, shifted market sentiment from the currency’s downside to its upside, according to The News.
Traders who had been long [on the dollar] started to sell when Dar said that his major goal was to strengthen the rupee. Similar to this, exporters started selling large amounts of futures.
