The Pakistani rupee continued its recovery drive against the U.S. dollar for the fifth consecutive working session on Friday in the interbank market, appreciating more than 0.50 percent, according to the State Bank of Pakistan (SBP).
The U.S. dollar closed at 228.45 rupees on Friday from 229.63 rupees on Thursday when the local currency appreciated by 1.08 percent as compared to the previous day, the SBP figures showed.
The greenback lost more than 3.5 percent of its value against the rupee over the last five trading sessions. The foreign currency closed at 237.02 rupees on Monday, showed the statistics.
Economic experts attributed the strengthening of the rupee to the contraction in the country’s current account deficit, reduction in international oil prices as well as the recent measures taken by the central bank.
Earlier, the newly appointed Finance Minister Ishaq Dar said that the Pakistani government will take actions to consolidate the Pakistani rupee, saying “the local currency right now is not at the place where it should be, it is undervalued.”