The Pakistani rupee continued to recover in the interbank market, extending its gains against the US dollar for the eighth consecutive session on Monday.  According to the Forex Association of Pakistan (FAP), the local currency was being traded at Rs225.45, after gaining Rs1.84 against the greenback during intraday trading in interbank market. The banks were selling US dollar at Rs225.90. Meanwhile, the US dollar was being traded between Rs227 to Rs229 in the open market, the FAP added. The Pakistani rupee has been recovering for the seventh consecutive session after falling close to an all-time low of Rs239.94 on Sept 22. The local unit gained 11.2 rupees or 4.9% against the dollar in the interbank market last week. A day earlier, the rupee extended its gains against the dollar for the seventh consecutive session. The local currency closed at Rs227.29, up Rs1.16 or 0.51 percent from last Friday’s close of Rs228.45. It is pertinent to mention here that newly sworn-in Finance Minister Ishaq Dar had said strengthening of Pakistani rupee value would be his top priority and no one would be allowed to do manipulation in the exchange rate.

Credit: Independent News Pakistan-INP