Rupee gains 0.16pc vs $ for 10th straight week

KARACHI: Pakistani rupee continued making gains against the US dollar in the interbank market for the 10th week in a row and improved by Rs0.46.
According to details, the rupee opened at 280.36 against the greenback in the interbank market on Monday last and closed at 279.90 on Friday, registering a rise of 0.16 percent week-on-week. Overall, the local unit has improved by Rs7.13 during the previous ten weeks. The rupee has surged in 25 out of the last 27 sessions.
Similarly, the rupee improved by Rs8.39 during the current fiscal year 2023-24 and Rs1.96 in the current year. The rupee gained Rs3.31 against the US dollar in December, while it shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23 percent) against the greenback in the month of October. The currency surged more than 6 percent in September.
Following suit, the local unit advanced against the greenback in the open market and closed the week in the range of 278.82 for buying 280.98 for selling against 279.32 for buying 281.48 for selling in the preceding week, according to data provided by different exchange companies. The rupee gained 50 paisas against the US dollar in the open market during the week under review. The rupee has gained Rs2 against the greenback in the previous four weeks while it gained Rs3.50 in December.- TLTP