ISLAMABAD: Appreciation of the Pakistani Rupee against the US dollar continued for the 25th consecutive recovery session as on Wednesday, the local currency gained Rs 1 against the greenback in the interbank trading and closed at Rs279.51 as compared to Rs280.51 last day, reported by State Bank of Pakistan (SBP). The local currency against the US dollar came under Rs 280 for the first time during the last two months.
Interbank closing #ExchangeRate for today https://t.co/bybbmTtugE#SBPExchangeRate pic.twitter.com/Exbci54vfY
— SBP (@StateBank_Pak) October 11, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market also came down against the local currency and were traded at Rs276.5 and Rs279.25, respectively.
Like the greenback, the price of the Euro went down by Rs1.23 to settle at Rs 296.31 against the last day’s closing of Rs297.54, according to SBP.
The Japanese Yen decreased by one paisa to close at Rs1.87, whereas the British Pound witnessed a decrease of 96 paisa in the exchange rate to settle at Rs343.15 against Rs344.11 on Tuesday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went down by 26 and 27 paisa to close at Rs74.52 and Rs76.09, respectively.
Improvement in Pakistani Rupee
The Pakistani rupee recorded a significant improvement during the last one month against the international currency, particularly the US dollar.
On September 5, the local currency recorded 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 decisive crackdown against smuggling, hoarding, and other unlawful financial activities. The crackdown bore significant results as during the period, the local currency appreciated over Rs 27 in the interbank and over Rs 57 in the open market.
