KARACHI: The rupee on Wednesday maintained its upward drive and gained another 59 paise against the US dollar in the interbank market. The local currency has recovered Rs4.14 in the last four sessions after hitting an all-time low at 202.01 on May 26.

The State Bank of Pakistan (SBP) on Wednesday reported that the dollar price fell to Rs197.87 on a day-on-day basis as reports of expected inflows from IMF have compelled the speculative forces to retreat.

However, currency dealers said the government decision to ban import of luxury and non-essential goods was the main reason for dollar depreciation as the move reduced the demand for the greenbacks by importers.

Bankers said there has been no inflow from anywhere so far, but hopes are high for inflows in the future.

Meanwhile, the government on Wednesday raised Rs792 billion against target of Rs750bn. However, the cut-off yields were further increased.

According to the State Bank of Pakistan the yields on 3-month were raised by 75bps to 15.25 per cent and on tThe benchmark 6-month by 55bps to 15.25pc.

The 12-month cut-off yields were increased by 75bps to 15.50pc.