Rupee gains strength against US dollar

ISLAMABAD: The rupee gained 50 paisas against the dollar in the interbank market on Tuesday, insiders said.

The local currency was being traded at Rs282.70 in the early morning trade.

The Pakistani rupee also registered marginal improvement against the US dollar in the open market on Tuesday, while the local currency maintained its momentum in the inter-bank market.

According to Forex dealers the rupee was being quoted at 284 for selling and 281 for buying purposes for customers.

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The rupee closed at Rs283. 21 in the interbank market on Monday, the State Bank of Pakistan.

Since December 12, the rupee has been appreciating. According to the caretaker government, the local currency started gaining strength after a crackdown on illegal money exchangers and hoarders.

Last week, the International Monetary Fund resident representative in Pakistan denied media reports that the lending body is planning to ask Pakistan to increase taxes on salaries and business income, and increase the maximum threshold for petroleum levy.