Pakistani rupee continues to appreciate

KARACHI: The Pakistani Rupee (PKR) continued to appreciate against the US dollar (USD) in the interbank market on Friday, marking a recovery of 18 paisa.

As of the latest update, the value of the US dollar against the local currency stands at Rs 281.75, reflecting a notable drop from its closing position at Rs 281.93 in the previous interbank trading session.

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The Rupee exhibited resilience against the greenback, overcoming initial resistance to surge by a substantial 43 paisa, ultimately settling at Rs 281.50 in the interbank market.

Simultaneously, a positive trend is evident in the Pakistan Stock Exchange (PSX), with the KSE 100-index experiencing a noteworthy increase of 215 points, reaching the benchmark of 62,267 points. This positive economic momentum is attributed to the upcoming general elections in 2024 coupled with positive expectations from the upcoming International Monetary Fund (IMF) review.