On Monday’s interbank market, the Pakistani rupee strengthened against the US dollar for the tenth straight working day.
The local currency increased further by Rs3.49 after more than a week of uptrending, with the dollar trading at Rs213 as of 10:50am in the interbank market following its depreciation during intraday session.
The Pakistani rupee increased by Rs3.38 on Friday to close in the interbank market at Rs215.50 per US dollar.
The rupee has kept strengthening against the dollar despite declining foreign exchange reserves because the system’s supply of foreign currency has constantly outpaced its demand.
Exporters are selling dollars in the market amid the rupee’s appreciation. Earlier, they withheld dollar supplies in anticipation of more depreciation of the local currency.
As the government has successfully met the requirements for the release of $1.17 billion in money, growing optimism regarding the restoration of a suspended International Monetary Fund (IMF) rescue package later this month is what is causing the rise.