Business & Finance

Pakistani Rupee Strengthens Against US Dollar on Monday

As Monday’s trading began, the Pakistani rupee exhibited an upward trend against the US dollar.

During the early hours of intra-day trading, the PKR gained momentum, reaching a quote of 280.50, reflecting an increase of Rs 0.07 in the inter-bank market.

Contrastingly, the previous Friday saw the PKR depreciate by Rs 1.77 against the US dollar in the inter-bank market.

The recovery of the PKR from its record low and the reduction in fuel prices over the past two fortnightly reviews can be attributed to administrative measures and decisive actions.

In a related development, on this Monday, the State Bank of Pakistan (SBP) is scheduled to announce a new monetary policy. All eyes are on the Monetary Policy Committee (MPC), which will convene today to decide on interest rates.

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