Rupee rises for consecutive fifth session to reach 261.88

For the fifth session in a row the Pakistani rupee strengthened versus the US dollar rising 0.36% on Friday in the inter-bank market.

The rupee increased by Rs0.94 to settle at 261.88 versus the US dollar, according to the State Bank of Pakistan (SBP). Notwithstanding the advances the currency has nevertheless lost 21.4% of its value versus the US dollar so far this fiscal year.

The rupee gained 2.45% over the previous week to end at 262.82 against the US dollar purportedly aided by the realization of export revenues and a stronger influx of remittances through legal channels. The SBP also noted a marginal gain in foreign exchange reserves for the week, which came in at $3.19 billion.

Yet before the International Monetary Fund (IMF) program is revived the market expects any good movement in the currency to be fleeting.