The Pakistani rupee maintained its upward momentum as the local currency on Monday made fresh gains against the US dollar in the currency market.
Foreign exchange dealers said the rupee gained impressively by one rupee and 75 paisas against the greenback in early morning trade in the open and interbank markets. The rupee is trading at 101.40 to a dollar in the interbank market. Market dealers said anticipation of fresh dollar inflows from the International Monetary Fund, Coalition Support Fund and the rise in workers’ remittances was having a positive impact on the rupee value.
It may be pointed out that in the last three months, Pakistani currency gained around 5 percent against the dollar recovering from the historic lows of 108.65 to a dollar in the first week of December 2013. The rupee lost a whopping 9 percent versus the greenback in the first six months of the current fiscal year.
