Rupee gradually rises to new 3-month high

Pakistani currency maintained its uptrend for the fifth successive working day on Tuesday, appreciating to a new three-month high above Rs279.50 against the US dollar in the inter-bank market in the wake of improved inflows of the foreign currency compared to its demand. According to State Bank of Pakistan’s (SBP) data, the rupee improved 0.02%, or Rs0.06, and closed at Rs279.79 against the greenback. The currency has appreciated 9.76%, or Rs27.31, in the past four and a half months compared to the all-time low of Rs307.10/$ hit in the first week of September 2023. Exchange Companies Association of Pakistan (ECAP) reported that the rupee ticked down Rs0.02 to Rs281.09/$ in the open market. The currency has continued to rise in the main inter-bank market on the back of improved supply of the greenback as exporters resumed dollar sales, which were earlier held back following the eruption of tensions between Pakistan and Iran over airspace violations.