Rupee gains 0.6pc after last week’s battering

The rupee opened the week on a stronger note on Monday in line with other Asian currencies, as plans by US President Joe Biden and his Russian counterpart Vladimir Putin to hold a summit on the Ukraine crisis boosted risk appetite. The rupee gained 11 paise, or 0.6 per cent, against the US dollar in the interbank market to close at 175.75 on Monday compared to 175.86 on Friday, according to the State Bank of Pakistan. The local currency has been on a roller-coaster ride this month, starting at 176.43 on Feb 1 and then jumping to its highest level at 174.47 on Feb 7. However, it weakened 0.66pc against the dollar during the previous week amid looming military crisis on the border of Russia and Ukraine, with the United States escalating its dire warnings about a possible Russian invasion of its neighbour, saying it could take place within days.