The Pakistani rupee reached a nearly six-month high in the inter-bank market on Tuesday, supported by its steady appreciation against the US dollar over recent months. The rupee edged higher against the US dollar in the inter-bank market on Tuesday, appreciating 0.01%.
The local currency closed at Rs. 280.97, up by Rs. 0.04 from the previous session, according to the State Bank of Pakistan (SBP). On Monday, the rupee had settled at Rs. 281.01.
In the open market, exchange companies quoted the dollar at Rs. 281.30 for buying and Rs. 282.05 for selling.
However, the rupee managed slight gains against Gulf currencies. It strengthened by Rs. 0.01, or 0.01%, against the Saudi riyal to close at Rs. 74.92, and gained Rs. 0.01, or 0.01%, against the UAE dirham, settling at Rs. 76.50.
So far in the current fiscal year, the rupee has appreciated by Rs. 2.79, or 0.99%, against the US dollar. However, it has declined by Rs. 2.42, or 0.86%, since the start of the calendar year.
73pc of foreign investors recommend Pakistan for future FDI: OICCI Perception Survey
