Pakistani Rupee Extends Winning Streak to 18 Days

Pakistani rupee continues to strengthen against US dollar

The Pakistani rupee continued to gain against the US dollar on Monday, rising by 0.40% in the opening hours of trading in the inter-bank market.

As of 11:05am, the rupee was hovering at 286.60, an increase of Rs1.14 from the previous day's closing price.

The rupee has now gained for 18 consecutive sessions, extending its winning streak to the longest since 2017.

The recent surge in the rupee's value is largely attributed to a government crackdown on smuggling and controls on the exchange companies sector.

The rupee was the best-performing currency in the world in September, closing the month with a gain of 6.2%.

Meanwhile, the US dollar index stood at 106.24 on Monday, not too far from its recent 10-month high.

Oil prices, a key indicator of currency parity, also climbed on Monday, reversing some of Friday's losses.

Brent December crude futures rose 18 cents, or 0.2%, to $92.38 a barrel by 0037 GMT after falling 90 cents on Friday.