The Pakistani rupee continued its upward trend against the US dollar at the beginning of Monday’s inter-bank market trading.
By mid-day, the rupee had reached 295.80 against the dollar, marking an increase of Re1.05.
In the previous week, the rupee saw a notable 2.1 percent appreciation over five trading sessions, closing at 296.85 against the US dollar in the inter-bank market.
The rupee remained strong throughout the week, maintaining its winning streak for eight consecutive sessions, driven by positive momentum.
This positive shift coincided with authorities implementing reforms in the Exchange Companies’ sector and taking action against smuggling, which provided support to the currency markets.
On the global stage, the US dollar and major currencies remained relatively stable in early trading on Monday, with minimal fluctuations except for the British pound. This stability was influenced by factors such as a Japanese holiday and upcoming central bank meetings, which subdued market activity.
Meanwhile, oil prices, a significant indicator of currency strength, continued to rise for the third consecutive session on Monday. This increase was fueled by expectations of a widening supply deficit in the fourth quarter due to extended production cuts by Saudi Arabia and Russia. Additionally, optimism regarding a demand recovery in China, the world’s leading crude importer, contributed to the upward trend in oil prices.
