The Pakistani rupee has gained strength against the US dollar for nine consecutive sessions. It appreciated by 0.30% in the inter-bank market on Monday, settling at 295.95 rupees after a 0.90 rupee increase. Last week, the rupee appreciated by nearly 2.1% over five sessions and closed at 296.85 rupees against the US dollar. This positive trend continued for eight successive sessions as reforms in the Exchange Companies’ sector and crackdowns on smuggling supported the currency markets. In international markets, the US dollar and other major currencies remained stable, except for the British pound. Central bank meetings and predictions of divergences in economic growth and yields are expected to keep the dollar strong, especially against the euro. The dollar index was slightly lower at 105.23, with the euro gaining 0.11% at $1.0667. Oil prices, which are an important indicator of currency parity, rose for a third consecutive session due to forecasts of a supply deficit in the fourth quarter and optimism about demand recovery in China.

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By hassani

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