December 7, 2022
Business

In the tenth consecutive session, the rupee gains ground against the dollar

In the tenth consecutive session, the rupee gains ground against the dollar

KARACHI: The Pakistani rupee strengthened against the US dollar for the tenth consecutive working day on Monday in the interbank market.

The rupee gained another Rs2.49 after more than a week of gains, with the dollar trading at Rs213 after a depreciation during intraday activity in the interbank market at 10:50am.

In the interbank market on Friday, the Pakistani rupee gained Rs3.38 to settle at Rs215.50 against the US dollar.Despite declining foreign exchange reserves, the rupee has continued to strengthen against the US dollar as the supply of foreign currency has steadily increased relative to demand in the economy.

The rise is being pushed by increased optimism about the resumption of a stalled International Monetary Fund (IMF) rescue package later this month, after the government successfully completed the prerequisites for the release of $1.17 billion in funding.

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