ISLAMABAD: The downward trend of the US dollar against the local currency continued both in the open market and the Interbank, as on Tuesday, the Pakistani rupee witnessed further appreciation for the fifth consecutive session while gaining Rs1.27 to settle at 299.89 in the inter-bank as compared to Rs301.16 last day.
At close, the local currency appreciated by 0.42%. Last day, the local currency also recorded an appreciation of Rs 1.79 in the interbank.
Meanwhile, the open market behaved the same way, where the local currency strengthened and was traded in the range of Rs296 to Rs299 for buying and selling, respectively.
Upward Trend of Rupee
The local currency experienced an upward trend against the international currencies, including the dollar for the last couple of days due to the recent measures taken by the government. Market experts are of the view that, despite a short period, the movie would be helpful for both the currency and bullion market. The move also helped the Pakistani currency market to bring the gap down between the interbank and open market below 1.25 percent, a condition set by IMF in the recent standby agreement it inked with Pakistan.
