By Our Web Reporter
LAHORE MIRROR — The Pakistani rupee continued its upward trajectory against the US dollar during the opening hours of trading in the inter-bank market on Monday.
By mid-day, the rupee was hovering at 295.80, marking an increase of Re1.05 in the inter-bank market.
Throughout the previous week, the rupee had appreciated by nearly 2.1 percent over five sessions, ultimately closing at 296.85 against the US dollar in the inter-bank market.
The currency maintained its positive momentum over all five days, extending its winning streak to eight successive sessions, with the rupee consistently gaining ground.
This positive trend coincides with recent reforms introduced in the Exchange Companies’ sector and reported crackdowns on smuggling by authorities, both of which have lent support to the currency markets.
On the international front, the US dollar and most major currencies experienced stability in early trades on Monday, except for a fluctuation in sterling. This stability was attributed to a Japanese holiday and multiple upcoming central bank meetings, which contributed to subdued market activity.
Meanwhile, oil prices, a crucial indicator of currency parity, continued their upward trajectory for the third consecutive session on Monday.
This increase was driven by forecasts of a widening supply deficit in the fourth quarter, following Saudi Arabia and Russia’s decision to extend production cuts.
Additionally, optimism regarding a demand recovery in China, the world’s largest crude importer, contributed to the rise in oil prices.
