Pakistani rupee continues rally against US dollar, settles at 278.58 in interbank

ISLAMABAD – Pakistani currency continued to recoup its value against the greenback on amid a stern crackdown on dollar hoarding and smuggling.

During the intra-day trading, the local currency continued its merry run against the greenback, as it gained another Rs0.93 in the inter-bank market in its 26th consecutive appreciation against the USD.

Data shared by the State Bank of Pakistan (SBP) suggest that local unit settled at 278.58.

Interbank closing #ExchangeRate for todayhttps://t.co/rk5CtYgT1S#SBPExchangeRate pic.twitter.com/A6KRkts3wi

— SBP (@StateBank_Pak) October 12, 2023

Earlier this week, PKR continued its merry run against the US dollar and moved up by 0.36 percent to settle at 279.51.

State bank remained vigilant on exchange companies and strict actions are being taken, and in recent times, at least 9 exchange companies faced action over violations.

Last month, Pakistani currency was trading at an all-time low of Rs307.10 against the USD, and regained over Rs25 after action.

Currency dealers attributed the rupee recovery to action against smugglers and hoarders, as tens of millions of dollars have poured back into interbank and open markets.

Dollar falls below Rs300 against rupee in interbank market