Rupee appreciates for 7th consecutive trading day

KARACHI: The Pak Rupee has appriciated for the seventh consecutive trading date and gained 29 paisas against dollar on Tuesday amid improved inflows of home remittances related to Eid-ul-Azha.

The rupee ended Rs158.65 to the dollar from previous day’s closing of Rs158.94 in interbank foreign exchange market.

Currency dealers said that the rupee was improving as overseas Pakistanis are sending foreign exchange to their relatives for Eid related expenses.

The foreign currency market was initiated in the range of Rs158.75 and Rs158.90. The market recorded day high of Rs158.80 and low at Rs158.50 and closed at Rs158.65.

The rupee started recovery against the dollar during the last week and continued on the start of current week. The rupee has gained around Rs1.88 to the dollar during the past seven consecutive sessions.

The exchange rate in open market also witness appreciation in rupee value. The buying and selling of dollar was recorded at Rs157.70/Rs158.70 as compared with last day’s closing of Rs157.80/Rs158.80 in cash ready market.

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