ISLAMABAD: The upward trend of the Pakistani rupee continued for the 15th successive session against the US dollar, as on Tuesday the local currency appreciated by gaining Rs1.06 (0.37%) in the inter-bank market against the greenback to settle at Rs289.80 as compared to Rs290.86 last day, as reported by State Bank of Pakistan.
Interbank closing #ExchangeRate for today https://t.co/4maBgCIoV5#SBPExchangeRate pic.twitter.com/KOrJRJtHa3
— SBP (@StateBank_Pak) September 26, 2023
A couple of weeks before, on September 5, the local currency experienced a record low of Rs307 in the interbank against the US dollar. During the recovery period, the local currency appreciated by over Rs17 against the American Dollar.
Pakistani Rupee in Open Market
Like the interbank, the local currency displayed the same upward response in the open market against the US dollar to bring the gap further down between the open market and the interbank, as per the prescribed limit set by the International Monetary Fund (IMF) in the recent standby agreement held in June-July this year.
According to the dealers, the local currency in the open market was traded in the range of Rs292 for selling and Rs289 for buying having a slight improvement from the last day.
Last day, the open market witnessed the selling rate as Rs293 while that of the buying rate as Rs290 as per data received from the market.
The improvement in the local currency both in the interbank and open market was due to a recent countrywide crackdown against illegal exchanges and hoarders by law enforcement agencies. Meanwhile, the State Bank of Pakistan (SBP) also announced structural reforms, directing commercial banks to set up their own ECs to enable them to transfer their funds electronically within different banks.
