Pakistani rupee moves up against dollar for fourth consecutive session


KARACHI – Pakistani rupee continues to extend gains for the fourth straight day on Monday against the US dollar in the interbank market.

The local currency registered a marginal improvement of 0.03 percent against the greenback for the fourth successive session on the first working day of the week. The latest data shared by the country’s central bank suggest that the rupee settled at 259.92 against the dollar, up Rs0.07 in the inter-bank market.

Pakistani rupee continues its upward trajectory around nearly 1.1 percent during the previous week to close at 259.99 in aftermath of a $700 million inflow from China.

PKR remained on a gaining spree since hitting an all-time low of over 276, with realisation of export proceeds and a higher flow of remittances through legal channels helping its recovery.

In recent developments, the foreign exchange reserves held by the State Bank of Pakistan also improved however it is still hovering at critical levels.

Of late, the personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation, increased by 0.6 percent last month after improving by 0.2pc in December.