ISLAMABAD: The appreciation of the Pakistani rupee continued on the 24th consecutive recovery session as on Tuesday, the local currency gained Rs1.15 against the American dollar in the interbank trading and closed at Rs280.51 compared to Rs281.65 last day, as reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/NDEA8exty1#SBPExchangeRate pic.twitter.com/3SZJwpG3Bp
— SBP (@StateBank_Pak) October 10, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar against the local currency also went down in the open market and stood at Rs277.3 and Rs280 respectively.
Unlike the greenback, the price of the Euro went up and appreciated by Rs1.11 to settle at Rs 297.54 against Rs296.43 last day, SBP.
However, the Japanese Yen remained unchanged to settle at Rs1.88, whereas the British Pound recorded a decrease of Rs1.16 and was traded at Rs344.11 against Rs342.95 on Monday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went down by 30 and 32 paisa to settle at Rs74.78 and Rs76.36, respectively.
Appreciation of Pakistani Rupee
Despite recent political and financial challenges, the Pakistani rupee witnessed a significant improvement in recent weeks against the international currency, particularly the US dollar.
On September 5, the Pakistani rupee witnessed the lowest 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 the elements involved in dollar smuggling, hoarding, and organized crime cartels. The crackdown bore significant results as during the last one month, the local currency appreciated over Rs 26 in the interbank and over Rs 56 in the open market.
