KARACHI – The Pakistani rupee witnessed losses against the US dollar, as the local currency depreciated 3.26 percent in the interbank market.
Data shared by the State Bank of Pakistan (SBP) suggest that local unit settled at 280.29 with the second drop in nearly a month.
On Tuesday, the rupee ended its 28-session appreciation run, as the currency depreciated. Experts link decline of local currency with soaring demand for the US dollars to make upcoming foreign payments.
Dollar Price in Pakistan – October 18, 2023
Interbank closing #ExchangeRate for todayhttps://t.co/MaQrBcTLrz#SBPExchangeRate pic.twitter.com/vzQmy6TCsN
— SBP (@StateBank_Pak) October 18, 2023
Pakistani currency rebounded from an all-time low to the world’s top-performing currency. In September, the local currency touched an all-time low of 307 rupees against the USD.
The authorities started a crackdown against hoarders and smugglers, and in recent times marked the strongest bounce among other currencies and outpaced them to become the best performer last month.
The local currency remained the top performer in a global month as a government crackdown on the illegal dollar trade helped reverse its fortunes.
Currency exchange rates in Pakistan today – October 18, 2023
