Rupee appreciates against US dollar

ISLAMABAD: The Pakistani rupee registered gains against the US dollar, as it appreciated 0.11 percent during the opening hours of trading in the inter-bank market on Monday.

At midday, the rupee was hovering at 278.50 in the inter-bank market.

During the previous week, the rupee had snapped its rally against the US dollar and closed Rs1.18 or 0.42 percent week-on-week lower to settle at 278.80 in the inter-bank market.

ECC meeting convened under caretaker finance minister today

The local currency, as per a brokerage house, fell amid higher dollar demand to make foreign payments.

Earlier, the rupee maintained a positive close for 28 successive sessions – one of the longest appreciation runs as it cumulatively gained 10.93 percent since hitting a record low of 307.1 in inter-bank market on September 5.

The unprecedented increase largely came on the back of a crackdown against smuggling and controls on exchange companies.