Rupee maintains its grip over US dollar, now below 280

KARACHI: The Pakistani rupee continued to strengthen against the US dollar, gaining 0.39 percent during the opening hours of trading in the inter-bank market on Wednesday.

At midday, the rupee was hovering at 279.43, an increase of Rs1.08, in the inter-bank market.

On Tuesday, the rupee had appreciated 0.41percent to settle at 280.51.

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This is one of the longest appreciations runs seen by the rupee against the US dollar in the inter-bank market, and comes in large part due to the authorities’ crackdown on smuggling and hoarding of foreign currency as well as reforms in the Exchange Companies’ sector.

In August, the dollar had reached its highest level in the country’s history at Rs335. However, due to the efforts of the government and the military leadership, the American currency has now returned to a level below Rs280.