The Pakistani rupee gained another 0.37% against the US dollar during the first hours of trading in the interbank market on Friday.
At 10:10 a.m., the rupee was trading at 291.70, up Rs1.08 in the interbank market.
The rupee gained 0.38% on Thursday, closing at 292.78.
The rupee has risen in recent days after touching a record low of 307.1 in the interbank market on September 5.
In a related event, the central bank announced on Thursday an increase in financial incentives for banks, Microfinance Banks, and ECs to bring in more home remittances.
The State Bank of Pakistan (SBP) increased the performance-based monetary incentive up to Rs3 per USD on 15% growth in home remittances during this fiscal year under these incentives.
Internationally, the US dollar was close to a six-month high on the prospect of higher-for-longer US interest rates.
While the Fed held interest rates constant this week, it hinted at another raise this year, with rates remaining substantially tighter than originally forecast until 2024.
The US dollar rose in value versus a basket of currencies, rising 0.1% to 105.50, not far from the previous session’s six-month high of 105.74.
Oil prices, a crucial measure of currency parity, increased on Friday as concerns that a Russian ban on fuel exports would restrict global supply overcame concerns that more US interest rate hikes would dampen demand, but they were still on track for their first weekly drop in four weeks.
