The rupee, which has been consistently recovering after falling to a record low last month, continued its upward momentum on Thursday.

By 9:52am, the local currency had gained Rs2.71 or 1.22 per cent to reach Rs219.2 against the dollar in the interbank market, data shared by the Forex Association of Pakistan (FAP) showed.

FAP Chairperson Malik Bostan attributed the rupee’s continued recovery to several factors, including the expected release of the International Monetary Fund (IMF) tranche by August 19 to 24 which he said had created confidence among investors and ended the crisis the market was facing.

Besides this, Pakistan’s Eurobond rating had improved, the import bill was consistently declining and the inflation numbers for August were expected to be lower than in previous months, he said.

Bostan said the rupee could gain further in the coming days and trade at 200 against the dollar.

The rupee recovered Rs7.91pc or Rs18.03 against the dollar during the last seven sessions, gaining strength without an additional dollar supply.