Dollar’s depreciation against ruppee continues

KARACHI: The Pakistani rupee continued its upward trajectory against the US dollar on Thursday, and closed at Rs287.74.

The Pakistani currency appreciated by 0.35 per cent.

Interbank closing #ExchangeRate for today https://t.co/K9pF3QxMS3#SBPExchangeRate pic.twitter.com/gXBbpXqugl

— SBP (@StateBank_Pak) September 28, 2023

Separately, in a key development, the repatriation of profits and dividends by foreign investors on their investment in Pakistan sharply rose by 74.46 per cent during the first two months of this fiscal year (FY24).

Oil prices, a key indicator of currency parity, jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the United States added to worries of tight global supplies from OPEC+ cuts led by Saudi Arabia.