Pakistani Rupee continues upward momentum, gains Rs2 against dollar in interbank

The rupee continued to extend gains against the dollar on Wednesday, rising by approximately Rs2 in the interbank market in the morning session.

According to the Forex Association of Pakistan (FAP), the local currency gained Rs2.04 — an appreciation of 0.9 per cent — against yesterday’s close of Rs225.64, with the dollar’s value reducing to Rs223.60 by 12:20pm.

The PKR has recovered Rs14.07 or 5.87pc against the greenback during the last eight sessions.

Analysts have attributed the strengthening of the rupee primarily to a reduction in the country’s import bill in September and expectations that the new finance minister, Ishaq Dar, would take measures to stabilise the current rate.