KARACHI: The rupee extended gains on Tuesday for the third consecutive session bolstered by hopes of political and economic stability following the formation of the new government.
According to the State Bank of Pakistan (SBP), the local currency closed at Rs182.02, up 0.5% (or Rs0.91) from Monday’s close of 182.93 in the inter-bank market.
Investor speculation ended in the foreign exchange market as the political scene turned stable after newly elected Prime Minister Shehbaz Sharif took charge.
Currency dealers believe that the ease in economic and political crises has boosted sentiment over the rupee, with the central bank’s measures to raise interest rates and curb imports also lending support to the local unit.
The rupee has maintained a downward trend for the last 11 months. It has lost 19.53% (or Rs29.75) to date, compared to the record high of Rs152.27 recorded in May 2021.
With a fresh rise of 0.5%, the Pakistani rupee has depreciated by 15.53% (or Rs24.48) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.
