As of 10:40am, the currency was trading at 278.50, gaining Re0.21 against the greenback.

It was a notable recovery following a marginal decline last week, where the rupee depreciated by Re0.13, or 0.05%.

The local currency finished at 278.71, compared to 278.58 at the end of the previous week against the US dollar, the State Bank of Pakistan said.

Meanwhile, stocks rallied at the Pakistan Stock Exchange’s benchmark index on Monday as the KSE-100 index gained over 900 points in the intraday update. According to the PSX website, the KSE-100 index gained 938 points to reach 116,210.41 levels at 1:08pm.

Bitcoin hit a record high above $109,000 on Monday as Donald Trump, who has signalled plans to deregulate the cryptocurrency sector, prepares to be sworn in as US president. Bitcoin surged to reach an all-time peak of $109,241 ahead of Trump’s inauguration ceremony, before falling back to $107,765 at around 0740 GMT.

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State Bank of Pakistan’s MPC to meet on January 27 for monetary policy review