ISLAMABAD: The Pakistani rupee upward trend in the interbank continued for the 8th session as the local currency on Friday gained by Rs 1.11 against the American Dollar to settle at Rs 296.85 against its last day value of Rs 297.96 as reported by State Bank of Pakistan. As per reports the local currency got appreciation of 0.37% in the inter-bank.
Interbank closing #ExchangeRate for todayhttps://t.co/oplT2nwPEe#SBPExchangeRate pic.twitter.com/8Zo0ouCO4S
— SBP (@StateBank_Pak) September 15, 2023
However, in the open market, the local currency witnessed a slight depreciation and was traded in the range of Rs 299 for selling and 296 for buying as compared to Rs 298 for selling and 295 for buying on Thursday.
It is worth noting here that last day, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) while keeping the status quo, maintained the policy rate at 22% without any change with the hopes of a downward trajectory for inflation in the future.
Earlier, the market experts predicted an increase in the policy rate, which effected both the stock and currency markets during the last couple of days, however the Monetary Policy Committee maintained the policy rate unchanged for the second time.
Improvement in Pak Rupee
The local currency got significant improvement during last 7 to 8 days, particularly after the government announced a crackdown against smuggling, hoarding and illegal currency exchange companies.
Earlier, at the end of last month, the local currency witnessed a depreciation up to Rs 307 in the interbank and at Rs 330 in the open market against the greenback.
