The local unit closed at Rs295.95 against the dollar, 90 paisa up from its previous closing of Rs296.85 on Friday.

In the open market, the rupee maintained its ground as the dollar was available at Rs297 during the midday trading session.

On Friday, interim Finance Minister Shamshad Akhtar said that the rupee has stabled to a ‘great extent’ after anti-smuggling efforts

“Over the past few days, the government reformed the exchange companies and because of these reform measures and due to anti-smuggling efforts our rupee has stabled to a great extent,” she told a press conference in Islamabad last week. “This stability has come without any intervention of any bank intervention.”

She was of the view that there were “some signs” of economic recovery “even if they were just starting”.

The Pakistan Stock Exchange moved both ways amid lackluster activity during the midday trading. But the benchmark KSE-100 closed at 45,803.19 after gaining 49.68 points or appreciating by 0.11%.

Similarly, the KSE-30 Index gained 20.46 points, 0.13%, and closed at 16,112.23 levels on Monday.