Rupee regains against the dollar

ISLAMABAD: The Pakistani rupee registered gains against the US dollar, as it appreciated 0.13 percent during the opening hours of trading in the inter-bank market on Tuesday.

At midday, the rupee was hovering at 285.60, an increase of Re0.37 in the inter-bank market.

In the open market the Pakistani rupee kept its momentum against the US dollar, as the local currency also improved in the inter-bank market.

According to forex dealers, he rupee was being quoted at 287.25 for selling and 284.25 for buying purposes for customers.

Share market jumps 500 points even before noon

At the end of trading on Monday, the currency closed at 287.50 for selling and 284.50 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP)

In the inter-bank market, the rupee was hovering at 285-286 level against the greenback.

The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).

In a related development, Pakistan’s Foreign Direct Investment (FDI) rose by 7% during the first four months of this fiscal year (FY24), the State Bank of Pakistan reported on Monday.