Rupee continues to make recovery against dollar

KARACHI: The Pakistani rupee continued its merry run against the US dollar, appreciating another 0.86% during the opening hours of trading in the inter-bank market on Friday.

At midday, the rupee was hovering at 302.33, an increase of Rs2.61, in the inter-bank market.

On Thursday, the rupee had strengthened 0.67% to settle at 304.94.

In a key development, the top military brass on Thursday reiterated to continue full support of ongoing efforts in uplifting the socioeconomic growth under the umbrella of Special Investment Facilitation Council (SIFC) and assisting the caretaker government in curbing all illegal activities which hamper economic stability, growth and investors’ confidence.

SBP’s forex reserves under pressure, drop to $7.779 billion amid debt repayments

In a related development, currency dealers, while lauding the role of Chief of Army Staff (COAS) Asim Munir, informed that Exchange Companies (ECs) have surrendered $ 20 million to the inter-bank market during the last two days as there is no demand in the market.

Oil prices, a key indicator of currency parity, extended losses on Friday, further receding from this week’s 10-month highs, as fears about the health of China’s slowing economy and a stronger US dollar wiped out the gains triggered by supply cuts from major producers Saudi Arabia and Russia.