Rupee recovers by 0.03% in new high

The rupee maintained an uptick on the fourth consecutive working day to a new one-month high at Rs259.92

KARACHI:

The rupee has maintained an uptick on the fourth consecutive working day, inching up by a fresh 0.03%, or Rs0.09, to a new one-month high at Rs259.92 against the US dollar in the interbank market on Monday.

In the open market, the domestic currency made a sharp recovery of 1.1%, or Rs3, to Rs265 against the greenback in the day.

The latest appreciation in the local currency was recorded after China lent Pakistan $700 million to help the country in these testing times. The aid stabilised Pakistan’s foreign exchange reserves to a six-week high at $4 billion and helped it slightly minimise the high risk of default on foreign debt repayments.

In the past month, the rupee has cumulatively recovered 6.4% (or Rs16.66) to date compared to the all-time low hit at Rs276.58/$ on February 3, 2023, in the interbank market.

Published in The Express Tribune, February 28^th, 2023.

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