<\/p>\n
The rupee rose further on Tuesday, dipping below Rs290 against the US dollar by day\u2019s end in the interbank market, which analysts attribute mainly to the clampdown on the money market.<\/p>\n
As trading in the interbank market closed, the rate for the dollar was Rs289.80, according to the State Bank of Pakistan, down by Rs1.06 from yesterday\u2019s close of Rs290.86.<\/p>\n
Today\u2019s gains extend the upward trajectory<\/a> that has continued since the army-backed crackdown<\/a> on the illegal trade of the dollar began earlier this month.<\/p>\n The rupee also made headway in the open market against the dollar, which was trading for Rs292 compared to the previous day\u2019s Rs293, according to Exchange Companies Association of Pakistan.<\/p>\n Saad Bin Naseer, director of financial services platform Mettis Global, said that today marked the 16th consecutive day of PKR appreciation, which \u201camounts to almost a 6 per cent increase\u201d.<\/p>\n \u201cThis surge is primarily attributed to administrative measures,\u201d Naseer told Dawn.com<\/em>. \u201cThe government\u2019s assessment is accurate, as it appears that speculative elements contributing to rupee depreciation are being addressed through crackdowns.\u201d<\/p>\n Naseer said if this trend continued and the Afghan border remained sealed, the rupee is likely to appreciate further in the future. \u201cHowever, for long-term stability, we must focus on attracting foreign direct Investment (FDI) into export-oriented sectors.\u201d<\/p>\n However, some analysts highlighted that the current gains are short-term. \u201cLooks sustained in the short term,\u201d said Khurram Schehzad, chief executive of Alpha Beta Core.<\/p>\n \u201cFor long-term sustainability, we need dollar inflows from remittances, exports and foreign investments.\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The rupee rose further on Tuesday, dipping below Rs290 against the US dollar by day\u2019s end in the interbank market, which analysts attribute mainly to the clampdown on the money market. As trading in the interbank market closed, the rate for the dollar was Rs289.80, according to the State Bank of Pakistan, down by Rs1.06 […]<\/p>\n","protected":false},"author":2,"featured_media":8192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2023\/09\/2611510810dd80c.jpg?r=115346","fifu_image_alt":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-8191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t