The Pakistani rupee has been performing well against the US dollar, gaining value for the third consecutive session and settling at 302.95 in the inter-bank market. This marks a 0.66% increase or Rs1.99. Over the past three sessions, the rupee has appreciated by 1.4%. In comparison, its increase in the open market has been even greater. On Thursday, the rupee had strengthened by 0.67% to settle at 304.94 in the inter-bank market. The military has reaffirmed its support for ongoing efforts to improve socioeconomic growth and economic stability. Currency dealers have praised Chief of Army Staff Asim Munir for his role in helping Exchange Companies surrender $20 million to the inter-bank market in the absence of market demand. Internationally, the US dollar has been performing well, heading for its longest weekly winning streak in nine years. The US dollar index, which measures the dollar against other major currencies, remains stable at 105.02, close to its six-month high. Oil prices, which are an important indicator of currency value, have remained steady as investors assess concerns about China’s economy and supply cuts from Saudi Arabia and Russia.
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