Rupee appreciates further against US dollar in inter-bank

KARACHI: The Pakistani rupee continued to appreciate against the US dollar, gaining another 0.5 percent during the opening hours of trading in the inter-bank market on Thursday.

At midday, the rupee was hovering at 297.33, an increase of Rs1.49, in the inter-bank market.

On Wednesday, the rupee had appreciated 0.36 percent to settle at 298.82.

PSX posts mild recovery

The currency has been on an appreciation run since the government announced a crackdown against hoarders and smugglers of local currency last week.

In a related development, the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) is expected to meet today to decide about the policy rate. The key interest rate already stands at a record high of 22 percent.