Rupee's winning streak against dollar enters third day

Rupee’s winning streak against dollar enters third day

Posted on February 24, 2023

[ad_1]

An undated image of a currency dealer counting $100 notes with the help of a machine. — AFP/File
An undated image of a currency dealer counting $100 notes with the help of a machine. — AFP/File

The Pakistani rupee extended its winning streak for the third day as supply continued to increase consistently compared to its demand in the system in the currency market.

The local unit gained 0.36% against the US dollar to close below the psychological level of 260 after a hiatus of 20 days in the interbank market on Friday.

It closed the day at Rs259.99, according to the central bank data. The currency has regained 0.96% (or Rs2.52) in the past three consecutive working days.

Exporters are selling dollars in the market amid the rupee’s appreciation. Earlier, they withheld dollar supplies in anticipation of more depreciation of the local currency.

More to follow….

[ad_2]
www.geo.tv