Currency hits new 3-month high below 281 vs dollar.

KARACHI -- In line with market expectations, Pakistani currency continued to display strength for the 24th consecutive working day on Tuesday, hitting a new three-month high below Rs281 against the US dollar in inter-bank market.

According to State Bank of Pakistan's (SBP) data, the rupee recorded fresh gains of 0.41%, or Rs1.14, and closed at Rs280.51 against the greenback.

With the latest appreciation, the rupee has cumulatively surged 9.48%, or Rs26.59, in the past 24 working days. The recovery came after caretaker Prime Minister Anwaarul Haq Kakar reiterated that the ongoing crackdown on currency and commodity smugglers would continue.

The clean-up operation has yielded positive results as currency leakages have come to a halt, which helps prop up foreign currency inflows in the country.

In open market, the rupee regained 0.18%, or Rs0.50, to Rs280/$, according to the Exchange Companies Association of Pakistan. The currency has cumulatively recovered 17.14%, or Rs48, in the past 25 days in retail...