ISLAMABAD: Consistent and the longest-ever appreciation of the Pakistani rupee continued for the 27th consecutive recovery session as on Friday, the local currency gained by Rs0.96 against the US dollar (0.35%) in the inter-bank to settle at Rs277.62
against Rs278.58. last day, as reported by the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/QIg5sty6p2#SBPExchangeRate pic.twitter.com/Bex2xUMoIx
— SBP (@StateBank_Pak) October 13, 2023
Last day, the local currency appreciated 0.33%, and almost the same level of appreciation continued since September 6, 2023.
Pak Rupee in the Open Market
Meanwhile, like the inter-bank, the Pakistani rupee also managed to maintain its positive momentum against the greenback and other international currencies in the open market. On Friday, the Pakistan rupee was traded against the dollar in the open market at the level of Rs 277 for selling and Rs 274 for buying against the previous day’s range of Rs 278 for selling and 275 for buying.
Currency market experts claim the ongoing appreciation as the longest run seen by the rupee against the US dollar both in the interbank and open market with such consistency.
On September 5, the Pakistani rupee was traded at the lowest-ever value of Rs 307 against the dollar in the interbank and over Rs 3,335 in the open market. On September 6, the caretaker government launched a massive crackdown against hoarding, smuggling, and other unlawful financial activities. Since September 6, till date the Pakistani rupee appreciated over Rs 29 in the interbank and over Rs 59 in the open market.
Pakistani Rupee Against Other Currencies
Meanwhile, on Friday, other currencies depreciated against the local currency, like the greenback. The price of the Euro decreased by Rs1.00 to settle at Rs 293.00 and 296.00 for buying and selling, respectively.
The UAE Dirham lost 50 to settle at Rs76.00 and 76.75, while the Saudi Riyal remained unchanged both for buying and selling to settle at Rs73.50 and 74.20, respectively.
