The Pakistani rupee continued to strengthen against the US dollar for the 13th day in a row. It gained another 0.35% in the inter-bank market on Friday. The rupee settled at 291.76 after an increase of Rs1.02. This follows a 0.38% increase on Thursday, when it settled at 292.78. The rupee has been steadily improving and has recovered 5.25% or Rs15.34 since reaching a record low on September 5. In addition, the central bank announced increased financial incentives for banks, Microfinance Banks, and ECs to encourage more home remittances into the country. The State Bank of Pakistan (SBP) has increased the cash incentive for 15% growth in home remittances during this fiscal year. Internationally, the US dollar remains strong due to the possibility of higher interest rates. The Federal Reserve kept rates steady this week but indicated the potential for another hike this year. The US dollar gained 0.1% to 105.50 against a basket of currencies. Oil prices also rose, driven by concerns over global supply disruptions and despite fears of decreased demand due to economic challenges and high-interest rates.
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