| KARACHI:
Pakistani currency continued to strengthen for the ninth consecutive working day on Monday, on the back of strong support from administrative measures like a crackdown on currency smugglers and hoarders, which increased supply of foreign currencies in the banking system.
According to the State Bank of Pakistan’s (SBP) data, the currency hit a new one-month high at Rs295.95 against the US dollar, with gains of 0.30%, or Rs0.90, on a day-on-day basis.
In the past nine days, the rupee cumulatively appreciated by 3.76%, or Rs11.15, recovering from the all-time low of Rs307.10/$ touched earlier this month.
The recent rupee movement suggests it may stabilise in the range of Rs290-295/$ in the short run. |
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