USD to PKR: Pakistani rupee gains further ground against US dollar, hovers around 290 in inter-bank 

KARACHI – Pakistani rupee continued its recovery against the US dollar and now the local unit gained more ground on the first working day of the week.

During the early hours of intra-day trading, the local currency moved up by around 0.33 percent, hovering at 290.80, with an increase of Rs0.96.

Last week, PKR continued its winning momentum and settled positive in all five sessions.

Besides the interbank, the rate of local currency in the open market also witnessed gains in light of administrative and enforcement measures.

In the last two weeks, Pakistani currency gained over Rs15 against the greenback as the government tightened the noose against currency hoarders and smugglers.