ISLAMABAD: Appreciation of the Pakistani Rupee against the dollar and other international currencies continued for the 23rd consecutive recovery session as on Monday, the local currency gained Rs1.04 against the greenback in the interbank trading and closed at Rs281.65 against Rs282.69, the previous day as reported by State Bank of Pakistan.
Interbank closing #ExchangeRate for today https://t.co/Y4N14UBQb9#SBPExchangeRate pic.twitter.com/P70gl8fn6k
— SBP (@StateBank_Pak) October 9, 2023
Meanwhile, the local currency also got improved in the open market, and according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback were traded in the range of Rs278.75 and Rs281.5, respectively.
Like the US Dollar, the price of the Euro also went down and witnessed a decrease by Rs1.60 to settle at Rs296.43 as compared to Rs298.03 on Friday, as reported by SBP.
The Japanese Yen received the same treatment and decreased by 01 paisa to settle at Rs1.88, whereas the British Pound recorded a decrease of Rs1.78 in the exchange rate and settled at Rs342.95 against Rs344.73 the previous day.
The exchange rates of the Saudi Riyal and the Emirates Dirham went down by 29 and 28 paisa to close at Rs75.08 and Rs76.68, respectively.
Improvement in Pakistani Rupee
Despite macroeconomic challenges and the slow pace of fiscal indicators, the Pakistani rupee displayed a significant improvement in recent weeks against the US dollar. Economy experts believe the recent improvement would have a positive impact on the national economy.
On September 5, the Pakistani rupee recorded its lowest value of Rs 307 against the dollar in the interbank and over Rs335 in the open market.
On September 6, the caretaker government announced the launch a massive crackdown against the elements involved in dollar smuggling, hoarding, and organized crime cartels. The crackdown bore fruitful results as during the last one month, the local currency appreciated over Rs 25 in the interbank and over Rs 55 in the open market.
