The Pakistani rupee has continued to strengthen against the US dollar, increasing by 1.18 in the interbank market. This is the 21st consecutive session of gains for the rupee. The recent crackdown on informal currency markets has contributed to this increase. The US dollar was being traded for Rs283.50 in the interbank market.
In addition to the currency appreciation, the stock market has also shown positive momentum. The KSE-100 index gained 253.11 points, or 0.54%, from the previous day’s closing.
However, experts are doubtful about the sustainability of this rally. They believe that the rupee is unlikely to go below the 285-mark due to low foreign exchange reserves, weak economic fundamentals, and low inflows. They argue that overcoming the current economic crisis will require more than just a crackdown or a bailout.
This information was summarized from an Op-Ed written by journalist Khurram Hussain for Dawn, highlighting the need for additional measures to resolve the economic crisis.
Please note that this is just a summary and more information will be provided later.
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