KARACHI, August 5(ABC): The Pakistani rupee continued to strengthen against the US dollar for the sixth consecutive session during intraday trade in the interbank market on Friday.
The rupee appreciated 2.15 against the dollar during the day’s trade and reached 224, down from Thursday’s close of 226.15. The rupee gained handsomely — Rs2.65 or 1.17% — at yesterday’s close.
The rupee’s uptrend comes after the government’s belt-tightening measures, which led to a massive increase in inflation but also saved the country from an economic catastrophe.
Finance Minister Miftah Ismail, in his address at an event at the Pakistan Stock Exchange (PSX), said that if the country will be able to control imports, exports can be boosted through various measures.
Noting that Pakistan was “on the right track” after the coalition partners took unpopular decisions, Miftah said due to a decrease in imports, the pressure on the rupee will decrease further in the coming days and it will appreciate against the dollar.
