Pak rupees continues its gains against the dollar

KARACHI: The Pakistani rupee continued to strengthen against the US dollar, gaining 0.42 percent during the opening hours of trading in the inter-bank market on Wednesday.

At midday, the rupee was hovering at 288.60, an increase of Rs1.20, in the inter-bank market.

In the open market, the Pakistani rupee strengthened further against the US dollar as gap with the inter-bank market continued to stay narrow and within the prescribed limit set by the International Monetary Fund (IMF).

According to Forex dealers the rupee was quoted at 290 for selling and 287 for buying purposes for customers.

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On Tuesday, the rupee had appreciated 0.37percent to settle at 289.80.

The rupee has maintained its upward trajectory in recent days and recovered over 6 percent since hitting a record low of 307.1 against the US dollar in the inter-bank market on September 5.

At the end of trading on Tuesday, the rupee settled at 291 for selling and 288 for buying purposes in the open-market, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

The rupee’s rate in the open market has become stronger, reducing the ‘premium’ to negligible values and meeting the benchmark set by the IMF.

The rupee has been on an upward trajectory in recent weeks, which is attributed to administrative measures taken by law enforcement agencies against illegal exchanges and smugglers of currencies.