The Pakistani rupee has strengthened against the US dollar by 0.21% on Thursday. It settled at 286.45, an increase of Re0.59, according to the State Bank of Pakistan. This comes after the central bank allowed Exchange Companies to import US dollars in cash, ending the rupee’s eight-session losing streak and causing it to appreciate by 0.52% to settle at 287.04. In another development, the parliament approved ‘The Elections (Amendment) Bill, 2023’, granting additional powers to the caretaker government to make decisions regarding existing agreements or initiated projects. The US dollar weakened as the Federal Reserve raised interest rates, with traders skeptical of further hikes. The dollar index was 0.04% lower at 101.06. Additionally, oil prices increased by almost 1% due to supply tightness from OPEC+ production cuts and positive expectations for Chinese demand and global growth.

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By hassani

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