Rupee continues to outperform the dollar

The Pakistani rupee experienced its tenth straight recovery session on Monday, rising 90 paisas against the US dollar in interbank trading to close at Rs 295.94 as opposed to Rs 296.84 the day before. However, the Forex Association of Pakistan (FAP) reports that the open market exchange rates for purchasing and selling the dollar were 296.1 and 299, respectively. According to the State Bank of Pakistan (SBP), the price of the Euro dropped by 76 paisas to close at Rs 315.62 as opposed to Rs 316.38 the day before. The currency rate of the British pound decreased by Rs 2.52 to trade at Rs 366.41 as opposed to the previous closing of Rs 368.93, while the Japanese yen remained unaltered to conclude at Rs 2. The exchange rates for the Saudi Riyal and the Emirates Dirham each fell by 25 paisas to settle at Rs. 78.89 and Rs. 80.57, respectively.