Karachi (Web Desk): The Pakistani rupee continued to improve against the US dollar, with an increase of Rs1.11 during the opening hours of trading in the inter-bank market on Tuesday, extending its gains for the 19th consecutive session.
The rupee was trading at 285.65, by gaining 0.39%, in the inter-bank market, according to the Forex Association of Pakistan.
Earlier on Monday, the rupee appreciated by 0.34% to close at 286.76.
In the open market, the dollar depreciated by 50 paise, standing at Rs286 in the morning trade, according to the Exchange Companies Association of Pakistan.
According to Exchange Companies Association of Pakistan (ECAP), at the end of trade on Monday, the Pakistani currency was selling at 286.5 with buying rate of 283.5.
With all of this continuous positive development, the gap between open market and the inter-bank market continued to stay narrow and within the prescribed limit assigned by the International Monetary Fund (IMF).
On the other hand UAE dirham depreciate for 27 paisas to close at 78.07 and Saudi riyal continued to improve with gain of 52 paisas to settle at 77 against rupee.
Meanwhile, Pakistan’s headline inflation reached at 31.4% on a year-on-year basis in September, significantly higher than the reading in August when it stood at 27.4%. On a month-on-month basis, it was up by 2%.
