ISLAMAABD: The appreciation of the Pakistani rupee continued against the US dollar for the 26th consecutive recovery session in the inter-bank market as on Thursday the local currency gained Rs 0.93 against the greenback to settle at 278.58 against Rs279.51 last day, as reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/rk5CtYgT1S#SBPExchangeRate pic.twitter.com/A6KRkts3wi
— SBP (@StateBank_Pak) October 12, 2023
Meanwhile the local currency also witnessed an upward trajectory against the US dollar in the open market and was traded in the level of Rs 278 for selling and 275 for buying.
Last day Pakistan rupee was traded in the range of 279 for selling and 276 for buying in the open market.
Despite recent appreciation, the US dollar witnessed near a two-week low on Thursday following minutes from the last US Federal Reserve meeting that displayed policymakers taking a careful stance and as investors awaited key inflation data.
Continues Improvement in Pak Rupee
The local currency witnessed an encouraging improvement during last one month against international currency particularly the American dollar. This appreciation is likely to register a slight decrease in the prices of petroleum in the coming fortnight.
On September 5, the Pakistani rupee recorded the lowest value of Rs 307 against dollar in the interbank and over Rs335 in open market. On September 6, the caretaker government launched a massive crackdown against the smuggling, hoarding and unlawful financial activities. Consequently, the Pakistani rupee appreciated over Rs 28 in the interbank and over Rs 58 in the open market during the period.
