| The rupee extended its gains for the 21st consecutive session on Thursday, appreciating by a further 1.18 against the US dollar in the interbank market.
According to the Forex Association of Pakistan, the greenback was changing hands for Rs283.50 at 9:44am in the interbank market, which is buoyed by the recent crackdown on the informal currency market.
Meanwhile, the benchmark KSE-100 index continued its momentum of trading in the green, gaining 253.11 points, or 0.54 per cent, at 11:41 am from the previous close of 47,079.83 points.
Experts, however, have questioned the sustainability of the rally, and had projected that it would not make it below the 285-mark due to dwindling foreign exchange reserves amid low inflows and weak economic fundamentals.
In an Op-Ed for Dawn published today, journalist Khurram Hussain wrote that pulling through the current economic crisis would take “more than a crackdown and certainly more than a bailout or even two”.
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