Rupee continues to gain strength against US dollar for thirteenth day

The Pakistani rupee strengthened against the US dollar for the thirteenth straight day, gaining roughly 0.1% in the interbank market.

On Tuesday, according to the State Bank of Pakistan (SBP), the rupee strengthened by 0.18 percent or 0.08% from yesterday’s close of Rs217.97 to conclude at Rs217.79.

For the 12th session in a row, the rupee appreciated against the US dollar on Monday, closing at 217.97 after increasing Rs1.95 or 0.89%.

The Monetary Policy Committee (MPC) of the central bank maintained its benchmark policy rate at 15% on Monday, which was a significant development.

State Bank of Pakistan (SBP) Deputy Governor Murtaza Syed commented on the recent strengthening of the rupee against the dollar and noted that there had been no interference by the central bank; rather, sentiment and economic fundamentals were the reason.

The dollar loomed big over precarious financial markets on Tuesday internationally, worrying investors with concerns about rising interest rates, global growth, and geopolitical tensions.

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