Pak rupee continues to rise against dollar

KARACHI: The Pakistani rupee continued to appreciate against the US dollar in the open currency market as well as in the interbank trading Wednesday.
Currently, the interbank trading rate of the currency is 98.30 per US dollar.
The strong gains by the Pakistani rupee have led to talk in the money market that the dollar will sell for as low as 98 rupee by the end of the fiscal year.
On Tuesday, it gained about 1.10, which led to the dollar selling at 99.95 in the interbank rates and at 100 rupee in the open money market.
This is the first time since last November that the Pakistani rupee had touched 100 per dollar mark in interbank trading.
Dealers and market analysts say positive sentiments have helped the Pakistani rupee make big gains against the US dollar in the foreign exchange market after it had slipped to as low as 111 last November.
On Monday, the Pakistani rupee had ended higher at 101.00/101.10 against the dollar as compared to Friday’s close of 102.85/102.95.

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