Rupee continues to appreciate against US dollar

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 Thursday.

At midday, the rupee was hovering at 287.63, an increase of Rs1.12, in the inter-bank market.

On Wednesday, the rupee had appreciated 0.36 percent to settle at 288.75.

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In a key development, repatriation of profits and dividends by foreign investors on their investment in Pakistan sharply rose by 74.46 percent 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.