KARACHI: Pakistan’s rupee registered marginal gains against the US dollar in the inter-bank market, and appreciated 0.2 percent in the opening hours of trading on Monday.
During intra-day trading, the rupee was being quoted at 221.47, an appreciation of Re0.45 against the greenback.
In the previous week, the local currency remained largely stable, appreciating 0.25% to close at 221.92 in the inter-bank market on Friday.
The rupee’s gains came despite the surge in US dollar after the Federal Reserve raised its benchmark funds rate by 75 basis points (bps).
Meanwhile, experts have warned of further hovering in the local currency’s value amid the resumption of the long march by Pakistan Tehreek-e-Insaf (PTI) on Tuesday.
The exchange rate volatility continues despite expectations that Finance Minister Ishaq Dar’s re-entry at the helm of economic and financial decision-making would enable the Pakistani rupee to recover.
