With fresh gains, rupee at 5-1/2-month high

Pakistani currency on Monday hit almost five-and-a-half-month high at Rs278.63 against the US dollar in the inter-bank market, maintaining its uptrend for the fourth consecutive working day amid talks with the International Monetary Fund (IMF) for the release of last loan tranche and for a new programme. According to State Bank of Pakistan’s (SBP) data, the rupee appreciated 0.03%, or Rs0.11, against the greenback on a day-on-day basis compared to Friday’s close at Rs278.74/$. The local currency has cumulatively strengthened 10.21%, or Rs28.47, in the past over six months compared to the all-time low of Rs307.10/$ touched in the first week of September 2023. The Exchange Companies Association of Pakistan (ECAP) reported that the rupee remained stable at Rs281.20/$ in the open market for the second successive working day.