According to forex dealers, the local currency has strengthened by Rs0.23 against the US dollar. Currently, the USD is trading at Rs283.20 in the interbank market.
Forex dealers report that banks are selling the dollar to importers at Rs283.70, while it is being sold at Rs284.50 in the open market.
In other news, following a meeting with President Arif Alvi, the Election Commission Pakistan announced that the election date would be on February 8. As a result, the Pakistan Stock Exchange (PSX) witnessed a bullish trend.
At 10am on Friday, the PSX benchmark KSE-100 index reached 52,965 points, marking the highest level since May 2017 when it reached 52,876 points.