PKR edges up vs USD for 5th week, fourth month

KARACHI: Pakistani rupee edged 0.07% up against the US dollar in the interbank market for the fifth consecutive week, besides staying strong against the greenback for the fourth month in a row. According to details, the rupee opened the week at 278.14 against the greenback in the interbank market and closed at 277.95 on Friday, appreciating by Rs0.19 week-on-week. Similarly, the local unit improved by Rs1.16 (+0.42%) in March. Overall, the rupee has improved by Rs10.34 against the greenback during the current fiscal year 2023-24. The local unit improved by Rs1.16 in March, Rs0.39 in February, Rs2.36 in January and Rs3.31 in December, while it shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23%) in the month of October. The local currency has cumulatively strengthened by 9.49% or Rs29.15 over the past six months compared to its all-time low of Rs307.10/$ in the first week of September 2023. TLTP