Rupee continues uptrend against dollar for fifth consecutive session
The Pakistani rupee continued to register gains against the US dollar for the fifth consecutive session in the interbank market on Thursday — as Pakistan met all prior conditions of the International Monetary Fund (IMF).
According to the Forex Association of Pakistan (FAP), the value of the local currency increased by Rs4.60 against the dollar till 12:55 pm, after which the dollar depreciated at Rs224.20.
Yesterday, the Pakistani rupee rose by Rs9.59 or 4.2 percent in the interbank market, the biggest gain in several years, after closing at Rs228.80.
Talking about the appreciation of the rupee, Fahad Rauf, head of research at Ismail Iqbal Securities, told that according to central bank data, this is the highest appreciation of the rupee since 1999.
After falling over the past 2 weeks, the rupee hit its lowest level against the dollar on July 28 and closed at Rs239.94 while the recent recovery in the rupee started on Friday.
Zafar Pracha, General Secretary of Exchange Companies Association of Pakistan, said that today is still a good day for Pakistan and its economy that at the moment trading is going on at Rs224 against the dollar in interbank.