KARACHI: The rupee recovered with a meagre gain of 0.01% as investors remained cautious due to a lack of clarity on the government actions to secure funding from the International Monetary Fund’s (IMF). The domestic currency finished at Rs176.74 against the greenback, the data shared by the State Bank of Pakistan (SBP) showed. The rupee registered appreciation of one paisa compared to the previous close of Rs176.75. The local unit declined by almost 12 per cent in the last year. Finance Minister Shaukat Tarin last week said that the US dollar was overvalued due to the prevailing situation in Afghanistan and its exchange rate should be between Rs165 and Rs170. He hoped that the artificial rise in the American currency’s value would be controlled. The rupee has maintained the downtrend for the past seven months. It has lost 16.07% (or Rs24.47) to date, compared to the 22-month high of Rs152.27 recorded in May 2021. With a fresh rise of 0.14%, the rupee has depreciated by 12.18% (or Rs19.2) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed. It is pertinent to mention here that the local unit hit an all-time low of Rs178.24 on December 29.