Pakistani rupee hits six-month high against US dollar

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KARACHI : The Pakistani rupee continued to strengthen against the United States (US) dollar hitting a six-month high of Rs159.65 in the inter-bank market on Wednesday.

According to forex dealers, the local currency appreciated by Rs0.32 to Rs159.65 against the greenback as trading session began today.

The US dollar was traded at as low as Rs159.93 in the currency market the other day, falling below the Rs160 mark for the first time in the past five months.

Economic expert Asad Rizvi said the dollar has depreciated by Rs8.78 against the rupee over the past two months. He said the country’s current account surplus helped ease pressure on the rupee.

In a tweet last month, Prime Minister Imran Khan had said: “We are headed in the right direction finally.”

He said the country’s current account balance posted a surplus of $73 million during September, bringing surplus for the first quarter of the current fiscal year to $792 million as compared to $1,492 million deficit recorded during last year’s corresponding year. The prime minister said exports also saw a 29 per cent increase besides remittances growing 9 per cent over the previous month.