ISLAMABAD: The upward trend of the Pakistani rupee against dollar and other international currencies continued for the 22nd successive session as the local currency gained Rs1.06 against dollar in the in the inter-bank market on Thursday. At close of the market, the rupee settled at 283.62 as compared to Rs284.68 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/qtiNwkVcev#SBPExchangeRate pic.twitter.com/8OgjPQVjH4
— SBP (@StateBank_Pak) October 5, 2023
On Thursday, the local currency got appreciation by 0.37% almost the same value recorded on Wednesday.
Like the interbank, the local currency maintained the same momentum in the open market. On Thursday the Pakistani rupee was traded in the open market at the level of Rs284 for selling and Rs281 for buying as compared to Rs285 for selling and Rs282 for buying on Wednesday.
Appreciation in Pak Rupee
During last couple of weeks, the Pakistan rupee witnessed a significant improvement. On September 5, the local currency recorded the lowest value against dollar in the interbank at Rs307 and in the open market at Rs335. Since then, the Pakistani rupee appreciated by Rs24 in the interbank and by over R50 in the open market. Market experts attributed the currency appreciation to the recent crackdown by the caretaker government against smugglers and illegal money changers across the country.
