Pakistani rupee showed strength against the US dollar for the second straight session and appreciated by 70 paisas (+0.35 percent) on Monday.
The State Bank of Pakistan said in a statement that the dollar opened at Rs199.76 in the interbank market and closed at Rs199.06. Within the open market, the rupee was traded at 200/201 per dollar against 200/201.5 a dollar a session earlier.
The local unit gained Rs2.25 against the US dollar in the last session on Friday after falling for seventeen consecutive days. Pakistan increased petroleum prices in a bid to resume the International Monetary Fund (IMF) loan programme.
Prior to Friday’s gain, the local currency set 13 consecutive all-time new lows. The local unit shed Rs14.01 during the previous three weeks. Overall, the rupee has depreciated by Rs41.57 against the US dollar during the ongoing fiscal year 2021-22 and Rs22.15 during the current year 2022.
