Rupee continues to strengthen against the US dollar

KARACHI: The Pakistani rupee continued to strengthen against the US dollar, gaining another 0.48 percent during the opening hours of trading in the inter-bank market on Tuesday.

At midday, the rupee was hovering at 275.50, an increase of Rs1.33, in the inter-bank market.

On Monday, the rupee had appreciated 0.29 percent to settle at 276.83.

Since its record low of 307.1 in the inter-bank market on September 5, the local currency has eked out one of the longest appreciation runs.

PSX gains nearly 200 points early on Tuesday

The unprecedented increase has come largely on the back of a crackdown against smuggling and controls on the Exchange Companies (ECs) sector.

With strict actions, the central bank has become more vigilant on exchange companies. During the last one month, authorisation of 9 exchange companies has been suspended for serious violations.