Rupee ticks up to 3-1/2-month high

With fresh uptick, currency has cumulatively risen 9.93%, or Rs27.76, in past five months

KARACHI:

Pakistani currency on Wednesday hit three-and-a-half-month high at Rs279.34 against the US dollar in the interbank market, maintaining its winning streak for the second consecutive day apparently in the wake of higher inflows of foreign currency.

According to SBP data, the rupee appreciated 0.03%, or Rs0.08, on a day-on-day basis. With the fresh uptick, the currency has cumulatively risen 9.93%, or Rs27.76, in the past five months.

Exchange Companies Association of Pakistan reported that the rupee went up 0.03%, or Rs0.08, closing at Rs281.05/$ in the open market.

The currency has maintained its uptrend after the credit rating agency, S&P Global, hinted at upgrading Pakistan’s rating to “B” following the formation of a new government post-Thursday’s elections, subject to the economic roadmap to be followed by the new rulers.

There are strong reports in the market that the new government, irrespective of whoever comes to power, will immediately engage in talks with the IMF to secure a new bailout package, as the ongoing loan programme of $3 billion is going to end in March this year.

Published in The Express Tribune, February 8^th, 2024.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.