KARACHI – Pakistani rupee continued its upward trajectory against the US dollar, moving up by Rs1.04 in the inter-bank market on Tuesday.
Data shared by the State Bank of Pakistan shows the local currency moving up in the 19th successive session. PKR appreciated 0.34pc to settle at 286.76.
The local unit’s recovery was attributed to several factors, including tightening noose against hoarders and currency smugglers.
Interbank closing #ExchangeRate for today https://t.co/5KOy6ml3z5#SBPExchangeRate pic.twitter.com/bE3ny3hRBX
— SBP (@StateBank_Pak) October 3, 2023
In previous sessions, the local currency moved up and the country’s top civil and military leaders adopted a strong stance for socioeconomic growth under the umbrella of the Special Investment Facilitation Council (SIFC).
PKR gained momentum as Exchange Companies surrendered around $20 million to the inter-bank market during the last two days due to low demand.
In the open market, the Pakistani rupee was being quoted at 304 and 301 for selling and buying purposes, Exchange Companies Association of Pakistan said Friday.
