Tuesday April 12, 2022

Rupee Value Continued to Increase On Consecutive Third Day As Closes At Rs182.02

KARACHI: The rupee extended gains on Tuesday for the third consecutive session bolstered by hopes of political and economic stability following the formation of the new government.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs182.02, up 0.5% (or Rs0.91) from Monday’s close of 182.93 in the inter-bank market.

Investor speculation ended in the foreign exchange market as the political scene turned stable after newly elected Prime Minister Shehbaz Sharif took charge.

Currency dealers believe that the ease in economic and political crises has boosted sentiment over the rupee, with the central bank’s measures to raise interest rates and curb imports also lending support to the local unit.

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