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PKR continues to gain ground against US dollar – SUCH TV



The Pakistani rupee continued to strengthen against the US dollar, gaining 0.40% during the opening hours of trading in the inter-bank market on Monday.

At 11:05am, the rupee was hovering at 286.60, an increase of Rs1.14, in the inter-bank market.

During the previous week, the rupee improved another 1.4% to settle at 287.74 against the US dollar in the inter-bank market, extending its winning run to 17 successive sessions.

The phenomenal increase, which comes largely on the back of a crackdown against smuggling and controls on the Exchange Companies (ECs) sector, also meant the rupee was the best-performing currency in the world in September. It closed the month with a gain of 6.2%.

The performance is in stark contrast to overall depreciation in the first eight months of 2023, which stood at nearly 26%.

Globally, the US dollar kicked off the last quarter of the year on the front foot on Monday as the prospect of higher-for-longer US rates provided solid support, pushing the yen to an 11-month low.

 



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