Rupee continues to strengthen against the dollar

KARACHI: The Pakistani rupee continued to strengthen against the US dollar, gaining 0.39 percent during the opening hours of trading in the inter-bank market on Tuesday.

At midday, the rupee was hovering at 285.65, an increase of Rs1.11, in the inter-bank market.

On Monday, the rupee had appreciated 0.34 percent to settle at 286.76.

The Saudi Riyal gained 52 paisas against the Pakistani currency and reached Rs76.98 from Rs76.46 on Tuesday.

Stock market adds to Monday’s gains

Today 1 SAR to PKR conversion rate is Rs76.98 in the open market as Saudi Riyal to PKR buying and selling rates are different in interbank and currency exchange or open market rates. Saudi Riyal to Pakistani Rupee has been increased by Rs0.52 in open bank trading.

The new rate of the Saudi Riyal is Rs76.98 in comparison to closing rate on Saturday Rs76.46.

Pakistan’s trade deficit also narrowed, largely due to import compression, as pressure on the country’s foreign exchange reserves reduced to some extent.

Oil prices, a key indicator of currency parity, slipped 1 percent in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger US dollar, rising US bond yields and mixed supply signals.