Rupee hits 2-week high on better dollar supply

The Pakistani currency hit a two-week high at Rs278.40 against the US dollar in the inter-bank market, maintaining an uptrend for the second consecutive working day on Wednesday, due to a likely improvement in the supply of foreign currency compared to demand. According to data from the State Bank of Pakistan (SBP), the domestic currency improved by Rs0.10 on a day-to-day basis, up from Tuesday’s close at Rs278.50/$. The currency has largely remained stable in the range of Rs278-278.62/$ over the past couple of months. In net terms, it has appreciated by 10.30%, or Rs28.70, in the past nine-and-a-half months to date, compared to a record low closing of Rs307.10/$ in the first week of September 2023.